How are marital assets and debts distributed in New York?
New York is an Equitable Distribution state and unlike a Community Property State where everything gets split 50/50, New York Courts take into account what is a fair distribution of marital assets and debts.
How does a New York Court determine what is fair?
The Court determines what is fair based on a number of different factors that have been set forth in the New York Domestic Relations Law § 236B(5)(d) those factors include:
1. The income and property of each party at the time of marriage, and at the time of the commencement of the action;
2. The duration of the marriage and the age and health of both parties;
3. The need of a custodial parent to occupy or own the marital residence and to use or own its household effects;
4. The loss of inheritance and pension rights upon dissolution of the marriage as of the date of dissolution;
5. The loss of health insurance benefits upon dissolution of the marriage;
6. Any award of maintenance;
7. Any direct or indirect contributions and services of a spouse toward a professional degree or licenses;
8. Tax consequences; and
9. Any other considerations that the Court may take into account
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