Going through the marital dissolution process can understandably be difficult emotionally. However, the process can also be tough financially, particularly if the two divorcing spouses have a large number of assets to divide. Here is a look at how the state of New York handles the division of property during a divorce.
New York is an equitable distribution state, so the property that two spouses share must be split in an equitable, or fair, manner during a divorce proceeding. This marital property can be any items that the two individuals accumulated through their work or their aptitude during their marital union. However, even though the two spouses have to split their marital property, they do not have to do this with their separate property.
Separate property can take many forms. For example, if a spouse acquired a certain asset before walking down the aisle, this is separate property that he or she does not have to split. Another example of separate property is a gift that a spouse got while married. In addition, if one of the two parties owned a business entering marriage, this is generally deemed separate property.
Property division is oftentimes one of the biggest sources of conflict during divorce. However, if two individuals who are going through divorce can see eye to eye on how to split their marital property, they can avoid further court intrusion. An attorney can help a divorcing spouse to seek the best property division outcome possible, considering the circumstances surrounding his or her marital breakup in New York.
