Understanding the Factors Related to Equitable Distribution in New York
When it comes to dividing the marital estate during a divorce, there are two different types of states: Equitable distribution states and community property states. In community property states, the marital estate is divided 50/50 between the two parties without consideration of their individual needs. New York is an equitable distribution state. That means the property is divided in accord with what is equitable or fair and not necessarily an even split. When dividing the marital estate, the court will consider several factors relevant to the estate division. In this article, the Rockland County divorce lawyers at The Law Offices of Robert S. Sunshine will discuss what factors the courts consider when dividing the marital estate.
Equitable distribution in New York State
When dividing assets that belong to the marital estate in New York, the courts will consider several factors including the income and property of both spouses, the duration of the marriage, the age and health of each spouse, and the present and future earning capacity of each spouse. The court will further consider the contributions each spouse made to the marriage. This includes financial contributions, yes, but also, homemaking and child-rearing, as well as whether or not one spouse wasted or “dissipated” the assets of the marital estate.
16 factors that the court considers when dividing the marital estate
There are 16 discrete factors that the court considers when dividing the marital estate. Those include:
- The income and assets of the spouses before they got married compared to what they have now.
- The duration of the marriage and the age and health of both spouses.
- Whether or not one spouse needs to keep the family home for the sake of the children.
- Whether one person will lose an inheritance or pension benefits because of the divorce.
- Whether one spouse will lose health insurance because of the divorce.
- Whether one spouse is getting alimony payments from the other.
- Whether one spouse contributed to the acquisition of property even if the property isn’t titled in their name.
- Whether the property owned by the spouses is easy to sell or more difficult to sell.
- What the financial situation will be for each spouse after the divorce is finalized.
- Whether or not it is difficult to place a value on some assets like a business or professional license.
- How new tax realities will impact each spouse’s financial situation.
- Whether either spouse “dissipated” or wasted assets during the marriage.
- Whether either spouse gave away or sold property for less than it was worth to try to keep the property from being equitably distributed during the divorce.
- Any evidence of domestic violence in the marriage.
- If the couple has a pet, the New York courts can now consider what is best for the pet.
- Any other factors that the court considers fair and reasonable to the process of equitable distribution.
Talk to a Rockland County, New York Divorce Lawyer Today
The Law Office of Robert S. Sunshine represents the interests of New York residents in matters related to family law. Call our Westchester County family lawyers today to schedule an appointment, and we can begin advocating for your interests right away.
