New York Divorce Law...

New York Law - What is The Overall Approach to Property Division?

In cases where the are getting an agreement-based divorce, they must agree on all aspects of the divorce, including the property division.

In cases where the parties are getting a fault-based divorce, the judge in New York will apply the traditional rules of "equitable distribution".

This means that the judge can do whatever he or she thinks is fair.

However, there are broad guidelines relating to the property division.

In marriages of long duration (20 years is safely "long"), the starting point is typically the premise that property acquired during the marriage will be divided 50/50.

The ratio would be different for shorter marriages. The court also considers which party contributed more assets to the marriage.

Other property, the "separate property" of the parties, remains with the party who owns it.

Section 236.B.5.d

Cases:

Robertson (1992) 588 NYS2d 43 (The marital residence, an apartment in New York City, was purchased after the marriage. The wife contributed approximately $45,000 to the purchase price. The marriage was a "long term" marriage, the husband paid the maintenance on the apartment, and the husband contributed to the marriage his right to buy the unit at an insider's price. The court decided that: 1. The wife was entitled to $45,000 from the sale proceeds; and 2. The remainder of the proceeds should be split 50/50. With respect to investment accounts, the wife had maintained separate property accounts, which she retained in the divorce. The joint investment accounts were split 55/45, in favor of husband, in recognition of the fact that he contributed his separate assets to the marital accounts while the wife maintained her separate account as a separate asset.)

Maloney (1988) 524 NYS2d 758 (The court awarded 35%, not 50%, of the value of husband's medical license. The award came to $679,828. The marriage lasted 11 years during which the parties lived together plus 5 years separated. The wife had contributed to the getting of the medical degree. The court also took into account the fact that the wife was at the time of trial gainfully employed in her chosen profession.)

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