New York Info
New York Divorce Start Your Divorce Find Professionals New York Articles Divorce Facts Divorce Grounds Residency Divorce Laws Property Division Alimony Child Custody Child Support Divorce Forms Grandparent Rights Forum New York Products Divorce by County
New York Articles
Marriage is an economic partnership. Normally any asset acquired during the marriage, measured from the day you get married until the day one party files a Summons for Divorce, is considered marital property. In a divorce the Supreme Court Judge will equitably distribute marital property.
When two tenants that own a house together get married, they usually modify the deed to "tenants by the entirety" so that each one’s spouse receives the other half of the house if the spouse should pass away.
The Equitable Distribution Law empowers the court to divide all property, both real and personal, acquired during the marriage (marital property) by either or both parties in an equitable (fair) manner regardless of the form in which title is held, according to the needs and circumstances of the parties.
One of the biggest marital property assets divided in a divorce is the pension. Pension plans (also known as Retirement Plans) fall under two categories: Qualified and non-qualified.
The income and property of each party at the time of the marriage, and at the time of the filing for divorce. The judge should look at each spouses capacity to earn money and property at the time of the marriage and compare it to the situation currently.
After determining that a couple wishes to obtain a divorce, one of the major issues that will be encountered is how to divide the property acquired during the marital relationship. This process is defined by the courts as equitable distribution.
Once a divorce is granted the Equitable Distribution Law requires a winding up of the economic affairs of the marriage through equitable distribution of the marital property.
The purpose of this article is to give a brief overview of the concept of marital and separate property under Section 236B of the Domestic Relations Law of New York, commonly referred to as the Equitable Distribution Law. This article is not intended to be a definitive treatise on all of the law in New York concerning property distribution upon a dissolution of a marriage.
Effective July 19, 1980, New York joined the ranks of many other states and became an equitable distribution state. The new law, known as the "Equitable Distribution Law", is actually an amendment to S236 of the Domestic Relations Law and, among other things, changes the concept of property and distribution of property upon dissolution of a marriage.
Fault grounds for divorce include adultery, constructive abandonment for at least one (1) year, cruel and inhuman treatment, and imprisonment of a spouse for three (3) or more years. Prior to October 2010, other than a legal separation agreement that was filed with the court, divorces were based on fault.
|Your Right to Child Custody, Visitation & Support
Cover Price: $
Your Price: $17.95
You Save: $7.00
"A Plain English Guide to Protecting Your Children"
Author: Mary L. Boland, Attorney at Law
|The information contained on this page is not to be considered legal advice. This website is not a substitute for a lawyer and a lawyer should always be consulted in regards to any legal matters. Divorce Source, Inc. is also not a referral service and does not endorse or recommend any third party individuals, companies, and/or services. Divorce Source, Inc. has made no judgment as to the qualifications, expertise or credentials of any participating professionals. Read our Terms & Conditions.|