How are property and debt divided?
It is common for a divorcing or separating couple to decide about dividing their property and debts themselves, rather than leave it to a judge to decide. If a couple cannot agree, they can submit their property dispute to the court, which will use state law to divide the property. Division of property does not necessarily mean a physical division. Instead, the court awards each spouse a percentage of the total value of the property. Each spouse receives items whose worth adds up to his or her percentage of marital property and each spouse will retain his or her separate property. Courts in New York divide property in accordance with the laws of Equitable Distribution. In equitable distribution, assets and earnings accumulated during marriage are divided fairly. Generally speaking, the marital home, retirement benefits and bank accounts will be divided equally. In determining the equitable distribution percentage, spouses are given credit for both financial and non-financial contributi
