EQUITABLE DISTRIBUTION

Maintenance and Equitable Distribution in New York is governed by Domestic Relations Law Section 236(B). 

Any property acquired by the parties prior to marriage is considered separate property of that individual.  Other examples of separate property is any property acquired by bequest or gift from someone other than the spouse.  Compensation for personal injuries is also separate property.

Any property acquired by the parties during the course of the marriage and prior to execution of a separation agreement or commencement of a matrimonial action, is considered marital property.

Marital property is subject to equitable distribution.  In determining how to divide marital property, the following factors need to be considered:

• the income and property of each party at the time of marriage, and at the time of the commencement of the action
• the duration of the marriage and the age and health of both parties
• the need of a custodial parent to occupy or own the marital residence and to use or own the household effects
• the loss of inheritance and pension rights upon dissolution of the marriage as of the date of dissolution
• any award of maintenance under subdivision six of this part
• any equitable claim to, interest in, or direct or indirect contribution made to the acquisition of such marital property by the party not having title, including joint efforts or expenditures and contributions and services as a spouse, parent, wage earner and homemaker, and to the career or career potential of the other party
• the liquid or non-liquid character of all marital property
• the probable future financial circumstances of each party
• the impossibility or difficulty of evaluating any component asset or any interest in a business, corporation or porfession, and the economic desirability of retaining such asset or interest intact and free from any claim or interference by the other party
• the tax consequences to each party
• the wasteful dissipation of assets by either spouse
• any transfer or encumbrance made in contemplation of a matrimonial action without fair consideration
• any other factor which the court shall expressly find to be just and proper.

 MAINTENANCE

Maintenance (also referred to as alimony or spousal support) can be awarded either on a temporary or permanent basis.  Statutory factors relevant are:

• the income and property of the parties including any equitable distribution of marital property
• the duration of the marriage and the age and health of both parties
• the present and future earning capacity of both parties
• the ability of the party seeking maintenance to become self-supporting and, if applicable, the period of time and training necessary therefor
• reduced or lost lifetime earning capacity of the party seeking maintenance as a result of having foregone or delayed education, training, employment, or career opportunities during the marriage
• the presence of children of the marriage in the respective homes of the parties
• the tax consequences to each party
• contributions and services of the party seeking maintenance as a spo9use, parent, wage earner and homemaker and to the career or career potential of the other party
• the wasteful dissipation of marital property by either spouse
• any transfer or encumbrance made in contemplation of a matrimonial action without fair consideration.
• any other factor which the cour shall expressly find to be just and proper.