Property Division in Long Island
When couples are headed towards divorce, one of the greatest matters on their minds will be those involving property division. It's perfectly natural to be concerned about what will happen to your home, your automobiles and your investment in the event you get a divorce, and it's understandable why you would be concerned about such matters. The state of New York is an equitable distribution state, which is in contrast to other states such as California and Nevada which are considered community property states. As someone who is soon to be divorced, what does this mean to you?
Unlike California where the couple's assets are divided down the middle, divorce cases here in Long Island and all throughout New York State are handled differently. With equitable distribution, assets are divided in such as manner as the courts deem fair and just, and every case is handled on an individual basis. A vast number of factors are taken into consideration when the courts determine how assets are going to be divided, and such factors considered include the following:
- The age and health of each spouse;
- The duration of their marriage;
- Whether or not there are children and if so, who they will reside with;
- Each spouse's contribution to the marriage;
- Either spouse's contribution to the other's education. For example, if the wife worked while her husband attended law school;
- Separate property owned by either spouse which was obtained prior to the marriage;
- Either spouse's contribution as a homemaker;
- Either spouse's wasteful spending during the marriage. For example, if the husband had a gambling problem or if the wife ran up all the credit cards; and
- The effort and hard work by one spouse to pay for a piece of property.
Since every situation is unique, how property is divided between divorcing couples in New York varies widely. Certainly marriages of a longer duration tend to award property more evenly, as opposed to marriages that lasted only a year or two. Also, when there are children involved, the courts may be more inclined to award the family home and its furnishings to the custodial parent; however, they will have to take into consideration that party's ability to pay the mortgage and maintain the property. Other factors to be considered are pensions, investment properties, alimony awards (if any), the existence of a family business, property purchased by an inheritance, the particular educational and medical needs of any children from the marriage, and the earning capacity of both spouses. If one spouse spent a significant amount of time raising the family which resulted in a loss of earning capacity, their contributions to the marriage and the family as a whole will be given fair consideration as well.
50 Years Experience in Divorce & Family Law
At The Rubenfeld Law Firm, we understand the magnitude of equitable distribution and how it can be daunting to the average person. With over 50 years experience handling property division in Long Island divorces, we are more than qualified to handle your divorce case. It's important not to venture into the murky legal waters of equitable distribution without a skilled and seasoned attorney working by your side. This is especially the case if you have a high-net-worth case, or if you and your spouse have accumulated a significant amount of assets over the course of your marriage. No matter how you contributed to your marriage, be it financially, or as a homemaker, you deserve your fair share. As your divorce attorneys we will protect your best interests at all times and pursue a divorce settlement that you can feel good about. Let us help you close this chapter of your life so you can move forward towards a more promising future once again! Contact a member of
our legal team so we can get started; your future awaits, let us help you get there!