How is Our Property Divided in a Divorce?

How is Our Property Divided in a Divorce?

By Sandler Francois

Marital property includes anything earned or acquired by either spouse during the marriage that is not separate property. This includes wages earned by either spouse, increased value of pensions, and debts incurred by either spouse during the marriage.

New York’s Domestic Relations Law requires “equitable distribution” of the couple’s marital property at the time of divorce. This means that the assets and debts of the marriage are divided in a way that is fair, but not necessary equal.

Only marital property needs to be divided, since separate property already belongs to one spouse or the other.

To continue reading, please visit: https://www.premierparalegal.com/2013/12/09/property-divided-divorce/

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