Dividing Marital Property
Any property that is not separate is usually considered marital in nature. Marital property encompasses most property acquired by either party during the marriage, according to NYDRL §236.
Courts usually divide marital property as equitably as possible between the parties. However, courts are not required to divide assets right down the middle, as “equitable” does not necessarily mean equal.
Instead, they may grant one party sole ownership of a given piece of property while granting the other party the monetary equivalent of their share of that property. For example, a court may decree that you own a specific painting while granting the other party in your divorce a monetary award equivalent to a fifty-percent share of the market value of the painting.
Relevant Factors When Dividing Marital Property
Under NYDRL §236, Albany courts generally consider a variety of factors in distributing marital property, including:
- Tax implications
- The liquidity of an asset
- A party’s need to possess an asset
- Marital waste of assets
Additionally, the court may consider any other factor that it expressly finds to be “just and proper.” As a result, courts must consider each asset distribution process on a case-by-case basis. If you need advice on how a court may distribute property in your specific situation, you can benefit from talking to a matrimonial lawyer in Albany.
