Skip to Content Skip to content
At Vacca Family Law Group, we understand that property division is often one of the most difficult aspects of the divorce process. Our primary objective is to help craft a solution that not only aligns with our clients' individual goals but that also upholds a sense of fairness and equity for both parties.
Understanding Property Division in a New York Divorce
In the state of New York, marital property is divided according to the principle of equitable distribution. This means that assets and debts accumulated during the marriage are subject to a fair allocation, considering various factors and circumstances.
Marital assets can encompass a wide range of possessions, including homes, businesses, bank accounts, investment accounts, retirement funds, and more. Similarly, debts such as mortgages, credit card balances, and loans are also subject to division.
It is important to distinguish between marital property and separate property. Only marital property is divided as part of the divorce process in New York. Separate property is not divided. These assets include those acquired before the marriage or received through inheritance or gifts during the marriage.
Frequently Asked Questions About Property Division
- How is property divided in New York? New York follows an equitable distribution approach, considering factors such as the duration of the marriage, each spouse's financial situation, the age and health of each party and what contributions were made to the acquisition of the marital assets.
- Are you liable for your spouse's debts in New York? Generally, spouses are only responsible for jointly incurred debts during the marriage, not for pre-marital debts or secretly incurred debts.
- Is a spouse entitled to property owned by the other before marriage? Assets obtained prior to marriage or through inheritance or gifts from third parties are typically treated as separate property, though exceptions exist for commingled funds or increased values due to marital efforts.
The Role of the Divorce Team in Dividing Assets
Property division is complex and can be emotionally challenging. We offer support and guidance throughout the process, utilizing Mediation or Collaborative Divorce methods to facilitate constructive dialogue and reach mutually acceptable agreements.
With the assistance of neutral specialists and individual legal representation, you can access the resources and expertise needed to value the assets, discuss priorities, and achieve a fair distribution of property.
The First Step Towards Resolution
Navigating the division of property in a divorce can be overwhelming, especially when valuable assets or substantial debt is involved. At Vacca Family Law Group, we understand these concerns and are dedicated to finding solutions that protect your interests. Our attorneys have extensive experience helping clients navigate the equitable distribution of property and finances through non-adversarial divorce methods, such as Collaborative Divorce or Mediation, even in some of the most complex situations.
If you're facing a divorce and seeking a fair resolution to property division matters, the attorneys at Vacca Family Law Group are here to guide you. Our priority is to help you achieve a fair and amicable outcome with compassion and professionalism. Call us at (646) 798-4603 to schedule your free introductory call, or contact us online by filling out the form below.