In New York, marital property is subject to equitable distribution in a divorce. This means all property and debts acquired during the marriage, regardless of whose name it is in, will be divided in a manner that is fair and equitable, but not necessarily equal. The court will consider factors like income, age, health, future earning potential, and contributions to the marital property when dividing assets. Only marital property is eligible for division – separate property that belonged to one spouse before the marriage, or inheritance/gifts received individually during the marriage, is not subject to equitable distribution. Common marital assets divided include the marital home, retirement accounts, investments, businesses, and debt obligations like mortgages and credit cards.
website:https://srislaw.com/new-york-state-divorce-laws-division-of-property/
