When most people get married, they take into account their prospective spouse’s financial situation. Indeed, to some degree, it would be foolhardy not to take this information into account, given that in most cases a married couple acts as an economic partnership, sharing in both income and expenses. Indeed, New York courts take this reality into account when it comes to dividing up assets following a New York divorce proceeding.The idea behind the economic partnership model of marriage is important to grasp when it comes to understanding how courts divide assets following a New York divorce. New York is an equitable distribution state, meaning that the court does not merely divide up all assets 50/50 and send the parties on their way. Instead, courts take into account a number of factors in determining how to divide a couple’s assets.
New York Domestic Relations Law Article 13 section 236 outlines the criteria courts use to equitably distribute assets after a divorce. In all, the statute lists 13 considerations, including the duration of the marriage, as well as the age, income, and education of the parties. Courts will also consider the sacrifices one spouse made for the benefit of the couple. In addition, courts are able to consider “any other factor which the court shall expressly find to be just and proper.”