As New York is an equitable division state, the court will distribute all marital property fairly or equitably when it comes to divorce. Although property will be divided “equitably,” this doesn’t mean an equal division of property since the judge will have to consider the following factors:
- Each party’s property and income during the marriage and upon filing for divorce.
- How long the marriage lasted.
- Each party’s overall health and age.
- Any inheritance, health insurance, and pension either party would lose due to the divorce.
- The requirement of the party who has custody of the children to stay in the family home and own or use everything in it.
- Whether one party as awarded alimony or spousal maintenance by the court.
- Whether either party has an “equitable” right to the marital property, to which they don’t have a title, according to their money, labor contributions, as well as efforts as a parent, spouse, homemaker, or breadwinner of the family. Divorce lawyers in Long Island noted that this includes contributions to the earning potential of the other party. For example, earning money to pay for the other party’s education.
- Each party’s future financial requirements and circumstances.
- All marital property’s non-liquid and liquid character.
- Whether marital property involves interest of a component of any business, profession, or corporation, as well as the difficulty of estimating the interest’s value, and whether it would be better to have that interest intact, without interference or claims by the other party.
- The tax implications of each party.
- Whether either party has wasted marital property.
- Whether either party has squandered or transferred marital assets in anticipation of a potential divorce, without consideration to the other party.
- Other factors that the judge deems to be a proper and fair consideration.
It’s vital to note that courts don’t consider fault in causing the end of the marriage in its calculations, but it could award less of the property to a spouse who was found to have wasted marital assets. This means that you can’t squander away marital funds to shower lavish gifts on your lover or transfer and sell marital assets due to your potential divorce. Otherwise, the court could penalize you and take it out on the property that it will award you.