What is Marital Property in New York?
Divorce is not easy. At Simonetti & Associates, we understand that this is a very stressful time, and we want to help you by making the process as easy as possible. If you and your spouse are considering a divorce, there are many meaningful conversations to be had. One of the most important topics to be discussed is the distribution of marital property. Contact a divorce lawyer in Quogue to get the help you need to establish a divorce agreement that’s right for you!
Marital Property Vs. Separate Property
Marital property is all property that is acquired by both or either spouses during the marriage. Some examples of marital property include:
- Cash
- Homes
- Cars
- Pensions acquired during the marriage
- Securities
- Shared bank accounts
- Investments
- Stocks
Liabilities such as debt or a mortgage are also considered marital assets. These responsibilities are also divided equally among the parties.
Separate property is assets that are acquired before the marriage are considered individual property. Some examples of separate property include:
- Inheritance
- Assets owned before the marriage
- The other spouse gives gifts
- Money from a personal injury lawsuit
- Bank accounts that are held separately
Equitable Distribution of Property in New York
New York is an equitable distribution state. This means that marital property is distributed in a manner that is the “most fair.” This, however, is not the same as an even, 50/50 split.
In New York, both spouses can agree on their division of marital property. If, however, they are unable to reach an agreement, the court will step in to distribute the marital estate. A divorce lawyer in Quogue can help ensure that you receive what you are entitled to.
Contact a Divorce Lawyer in Quogue
A divorce is a highly stressful event that can stir many emotions. During this time, you want to know that you’re being taken care of and that your needs are being met. At Simonetti & Associates, we are dedicated to ensuring that you get the maximum benefits from your divorce. Call today or visit our website to get in contact with a divorce lawyer in Quogue!
