New York Property Division Laws
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Definitions.
"Marital property" is all property acquired by either or both spouses during the marriage and before the execution of a separation agreement or the commencement of a matrimonial action, regardless of the form in which title is held.

"Separate property" is:

(1) property acquired before marriage or property acquired by bequest, devise, or descent, or gift from a party other than the spouse;

(2) compensation for personal injuries;

(3) property acquired in exchange for or the increase in value of separate property, except to the extent that such appreciation is due in part to the contributions or efforts of the other spouse; or

(4) property described as separate property by written agreement of the parties.

 

Property Division Guidelines.
The court will return each spouse's separate property to that spouse. Marital property will be distributed equitably between the parties, considering the circumstances of the case and of the respective parties. In determining an equitable disposition of property, the court shall consider:

(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) any award of alimony;

(6) any equitable claim to, interest in, or direct or indirect contribution made to the acquisition of such marital property by the party not having title, including joint efforts or expenditures and contributions and services as a spouse, parent, wage earner and homemaker, and to the career or career potential of the other party;

(7) the liquid or non-liquid character of all marital property;

(8) the probable future financial circumstances of each party;

(9) the impossibility or difficulty of evaluating any component asset or any interest in a business, corporation or profession, and the economic desirability of retaining such asset or interest intact and free from any claim or interference by the other party;

(10) the tax consequences to each party;

(11) the wasteful dissipation of assets by either spouse;

(12) any transfer or encumbrance made in contemplation of a matrimonial action without fair consideration;

(13) any other factor which the court shall expressly find to be just and proper.

-From 13-236B of the New York Consolidated Laws.

 

Learn more about general property division in divorce or common ways to divide your property.

 

If your divorce is uncontested, we would love to guide you through the process from beginning to end. Learn more about how our uncontested divorce services can help you through your divorce.

Other pages on New York divorce laws:
General New York Divorce Laws
Alimony Divorce Laws in New York
New York Child Custody Laws
New York Child Support Laws
New York Laws on Property Division

 

© Help Yourself Divorce 2002-2008

 

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This information has been summarized from the New York statutes. You can find the full-text version of these and other New York divorce statutes online here: New York Divorce Laws.