what are the laws in new york concerning property during divorce proceedings ?

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what are the laws in new york concerning property during divorce proceedings ?

couple married over 25 years in New York. The wife has been the sole bread winner for most of the marriage. When husband did work, wife’s salary was still much higher than his. the couple owns 2 homes in both their names. one property is 100 rental, the other is half personal residence, half rental. they have joint bank accounts. How is the property distributed in the event of a divorce ?

Asked on August 20, 2018 under Family Law, New York

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

New York is an Equitable Distribution state for distribution of property during a divorce.   That is different from a Community Property state where everything is 50/50. Understand that everything purchased during a marriage is considered marital property.  Courts have the powper to allocate different percentages of property to each of the owners.  There are various factors that are used and it would be best to seek consultation from an attorney to fully understand how those factors apply to your situation. Good luck.


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