Frequently Asked Questions About Asset Division

A: Not necessarily. New York follows the legal doctrine of equitable distribution. This means that property will be divided in a way that is equitable, which does not mean the same thing as “equal.” Basically, all marital property is subject to asset division.

Simply put, marital property is anything that is acquired during the course of the marriage, regardless of whose name is on the property. This may include pension plans and other retirement benefits. Separate property or property that was owned by either party prior to the marriage is not subject to asset division. However, separate property may become marital property during the course of the relationship.

A: Separate property can be considered marital property whenever assets are commingled. For example, if one party enters into a marriage with a separate savings account and the other party begins depositing money into or otherwise begins using this account, it can take on the characteristic of marital property. In general, the only things that cannot be turned into marital property are gifts received prior to the marriage or through inheritance. Of course, there are exceptions to this rule as well.

A: The court may consider a number of factors to help ensure a fair and equitable asset division, including the separate income level of each party, the age and health of each party, whether spousal support is expected to be part of the divorce decree, and the anticipated future financial needs of each party.