Property division during divorce can be a difficult process emotionally and financially for the divorcing spouses. For that reason, they should be able to anticipate what will be divided during the property division process and how it will be divided.
Types of property divided during property division
There are different categories of property during the divorce process including marital and separate property. Marital property is the type of property that is divided during the property division process. Property can include real estate assets, cash, cars and personal property or household furnishings and other types of property including:
- Real estate, including the family home, and investment or vacation properties;
- Investments;
- Executive benefits;
- Business ownership;
- Savings accounts;
- Copyrights, patents, royalties and other intellectual property; and
- Debts and liabilities
Equitable property division in New York
In New York, these different types of property will be divided according to equitable property division rules which calls for an equitable and fair distribution of property. Marital property includes property and assets that are acquired during the marriage. Those are the types of property and assets that are generally subject to the property division process during divorce. Property that is considered separate is not typically subject to the property division process.
Divorcing couples should be familiar with the different categories of property, how they are categorized and what types of property will be divided. Familiarity with this process will allow divorcing spouses to navigate the property division process in a way that will reach a property division settlement agreement that represents their needs and interests.