Your ex is entitled to marital assets the court deems fair and equitable since New York is an equitable distribution state. That means a judge won’t necessarily divide property 50/50 during a divorce. They will review various factors and determine how to split the assets fairly.
You and your ex might resolve your property disputes without going to court. A judge might accept an agreement you create outlining each asset you and your ex plan to keep during the divorce. However, if you disagree on property division, you will likely have to pursue legal action for a judge to decide on this issue.
Difference Between Marital and Separate Property
The court only considers marital property while dividing assets in an equitable distribution state. Marital property is all property acquired by one or both spouses while married but before executing a separation agreement or commencing a matrimonial action. It doesn’t matter whose name is on the title. If someone acquired it during the marriage, it is marital property.
Common examples of marital property include:
- Retirement accounts
- Motor vehicles
- Bank accounts
- Real estate
Separate property is property acquired before marriage or by descent, bequest, gift, or devise from someone other than the spouse. Common types of separate property include:
- Inheritance before or during the marriage
- Gifts from someone other than a spouse
- A home purchased before getting married
- Compensation from a personal injury claim unrelated to lost wages or earning capacity
If you exchange separate property for new property while married, the new property isn’t considered marital property. However, in some circumstances, the court might consider it marital property.
For example, let’s say you bought a vacation home before getting married. Your spouse remodeled it during your marriage, increasing the home’s value. Due to your spouse’s efforts, it goes from separate property to marital property.
Factors Determining Property Division During Divorce
Your ex can keep everything considered that is their separate property. While the judge reviews all marital assets to decide how to divide them, they might consider various factors, such as:
- Health and age of each person
- Direct or indirect contribution to acquiring marital property
- Both spouse’s income and earning potential
- Duration of the marriage
- Contributions one spouse made to the other during the marriage
- Separate property each party owns
- Each person’s ability to earn a living based on job experience, skills, and education
- Non-financial contributions each person made to the marriage
- If the couple shares children, one spouse’s need to stay in the marital home with the kids
- Awards for spousal maintenance
- Tax consequences of distributing property
- Either spouse’s wasteful dissipation of assets
- Additional factors the judge deems appropriate
What Assets Can My Ex Receive After Divorce Proceedings?
The judge presiding over your case will use their best judgment to determine what’s equitable while dividing your property. Splitting certain assets down the middle is impossible. Your ex can’t cut your marital home in half and take one piece with them. However, the judge might decide selling it and sharing the proceeds is fair.
Remembering your ex could receive a higher share of the property is crucial. If you were the primary breadwinner during the marriage, the judge might determine your ex requires more assets because of their lesser earning capacity.
You must hire a divorce lawyer to represent you during your case. Negotiating property division can be a complicated and overwhelming process. An experienced legal team can protect your rights and fight for the assets you rightfully deserve.
Contact an Experienced Divorce Attorney in New York
The Mandel Law Firm understands the emotional roller coaster a person experiences when a marriage ends. Resolving various aspects of a divorce can be challenging, especially if one person refuses to compromise. We can represent you during your divorce and protect your interests during legal proceedings.
If you need assistance dividing your assets during your divorce, call us at (646) 770-3868 for a confidential consultation.