Distribution of Marital Assets

marital assets and divorceAll assets acquired after the marriage are considered marital property subject to equitable distribution. New York is not a community property state where assets are divided equally. The key word in New York is equitable. Though as a practical matter fifty-fifty does take place in the majority of cases. But that is not always the case, such as where one spouse gambles away a lot of money or where one spouse made no contributions at all.

Separate property obtained prior to the marriage remains separate. However, if one party co-mingled separate property with marital assets then that will be considered marital property. Also, property acquired after the marriage by inheritance or gift or compensation for personal injuries is still considered separate property under the domestic relations law. And separate property, like a house, that appreciates in value during the marriage due to the contributions or effort of the other spouse makes that appreciated portion marital property.

There is compulsory financial disclosure in a divorce case. All assets, marital and separate, and all income and expenses and debts must be disclosed. There is no confidentiality or any exceptions to full financial disclosure in a marriage by the two spouses.

To make a no-obligation appointment or just to talk to me, please callĀ (718) 309-5662 any time, 7 days a week, from 10 am to 10 pm.