When couples want to divorce, one of the things they always want to know is whether they are entitled to half of the property in their marriage or the divorce settlements’ allotment.

The answer to that question is, it depends.

New York is an equitable distribution state. This means the courts will distribute property based on what each spouse has contributed to the marriage and what they will need to move forward.

Though this might result in a 50-50 split, equitable distribution does not mean 50-50.

Factors that will determine your divorce settlement

The length of your marriage.

Typically, the longer the marriage, the more likely the court is to arrive at a divorce settlement that is closer to 50-50.

Your Contributions in the house when negotiating Divorce settlements, such as:

Financial contributions

Physical contributions

Raising of children

Supporting your spouse in their job

Your role in asset creation

Active assets. These are assets whose value is created with your active involvement. For example, stocks.

Passive assets. These are assets whose value is determined by the market. For example, a house.

Seed money.

This is money you initially contributed to purchase your house.

If you have been married for over 20 years and your contribution in the marriage was as a home maker, it’s typical to end up with 50% of the equity on the house.

Income.

The judge will consider both your incomes at the beginning of the marriage and at the time of divorce.

Spousal maintenance (alimony).

Child support.

Custody arrangements.

The judge will also consider whether the parent getting custody of the children will need to live in the family home and use its effects.

Future earnings.

That is, what your future financial circumstances are likely to be.

Taxes when negotiating Divorce Settlements.

The tax consequences to you and your spouse.

These factors are in no way exhaustive as each divorce case is unique.

For any questions regarding your divorce, contact us on [custom:phone] and we will advise you on your divorce settlement.

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