Spouses considering divorce need to understand how property division will affect their various assets. New York is an equitable distribution state. This means that marital property will be divided “equitably”, which is not always the same as “equally”.

Property division and equitable distribution can be complex, especially in high net worth cases and those involving a great deal of varied property. It is not always immediately clear what assets are considered marital property, and therefore subject to division, and what assets are considered separate, and therefore not subject to division.

As a general rule, those assets acquired after the date of marriage and before the commencement of an action for divorce are considered marital assets. Assets acquired prior to marriage or after the commencement of a divorce or separation action are generally considered separate property and therefore not subject to division. However, there are exceptions to these rules involving inheritances, personal injury awards, lottery winnings, and an increase in the value of separate property. Our firm will need to review your particular situation in order to advise you on which assets should be considered separate and which assets should be considered marital.