What is division of marital property?

Division of marital property is a term used to describe how a divorcing couple divides the assets they accumulated while they were married. This includes any real estate, cars, furniture, bank accounts, investments, and other items of value. In New York, the division of marital property is decided either by the couple themselves, if they can reach an agreement, or by a judge in the court. When coming up with a way to divide marital property, New York courts consider any economic circumstances and contributions made by either party during the marriage. This includes whether or not one spouse contributed more financially to the marriage or was the primary earner. If a judge is tasked with determining how to divide marital property, they will typically pursue fair and equitable division. This may mean that each party receives a portion of the marital assets, or that one spouse receives more assets than the other as compensation for their contributions to the marriage. Additionally, New York courts may consider any prenuptial agreements signed by the couple prior to the marriage. A prenuptial agreement is a legal contract that outlines how marital property should be divided between the couple in the event of a divorce. This type of agreement can be used to determine which assets the couple will keep individually if the marriage dissolves. Overall, division of marital property is the process of deciding how any assets accumulate during a marriage should be divided between a divorcing couple. In New York, couples can decide how to divide their assets if they can come to an agreement, or the courts can make a decision for them based on financial and other factors.

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What is division of marital property?

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