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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