How is property distributed in a divorce?
With regard to distribution of property in a divorce action, New York is an “equitable distribution” state. This means that the court has the power to divide marital property regardless of which party owns the property. All property acquired during the marriage, unless it is separate property, is subject to distribution by the court. Separate property includes premarital property, gifts to a spouse by someone other than the other spouse, inheritances and compensation for personal injury. In New York, the court has the power to distribute the value of educational degrees and licenses acquired during the marriage, as well as professional practices (such as a doctor’s or a lawyer’s practice), business interests, pensions and all manner of stock accounts, bank accounts and the like. The court must divide the property “equitably”, but it need not do so in equal shares to both parties. In longer marriages, the courts generally divide property 50/50 but may not do so in shorter marriages. Eac
