In New York, marital property in is distributed under the theory of equitable distribution if the parties cannot come to an agreement. Under equitable distribution, the court may only divide marital property when the marriage is dissolved. Each spouse receives an equitable or “fair” share of the marital property based on the overall facts of the case, based on the following factors:
- the income and property of each party at the time of marriage, and at the time of the commencement of the action;
- the duration of the marriage and the age and health of both parties;
- the need of a custodial parent to occupy or own the marital residence and to use or own its household effects;
- the loss of inheritance and pension rights upon dissolution of the marriage as of the date of dissolution;
- the loss of health insurance benefits upon dissolution of the marriage;
- any award of maintenance under subdivision six of this part;
- 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;
- the liquid or non-liquid character of all marital property;
- the probable future financial circumstances of each party;
- 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;
- the tax consequences to each party;
- the wasteful dissipation of assets by either spouse;
- any transfer or encumbrance made in contemplation of a matrimonial action without fair consideration;
- any other factor which the court shall expressly find to be just and proper.
Contact a Knowledgeable Rochester New York Divorce Lawyer
As a skilled divorce and family law firm, we believe that the best results are usually achieved by working with your ex-partner’s attorney. If, however, the other side refuses to negotiate reasonably, we are prepared to be as aggressive as necessary to protect your interests. For quality representation at reasonable rates, in the Greater Rochester Area of New York, Contact the Law Office of Emanuel N. Mouganis, we are standing by to help you and use our experience to effectively represent you.
