It is common for people to develop an emotional attachment to possessions accumulated throughout their life. You may have acquired property items during your marriage that you cannot bear to part with. Yet, if you have filed for divorce or are thinking of submitting your papers, you may face the arduous task of dividing marital property.
New York is like many other states in the nation that follow the equitable division of property method of dividing property. This means that all marital property is divided according to what the judge deems fair and equitable. Yet, marital property may include more items that you think.
Marital property, or community property, constitutes all items amassed during the marriage. While many people consider the family cars, home and furniture as marital items, there are many other items that people do not consider when separating property in the final divorce settlement.
These items include, but are not limited to, the following:
- Lottery ticket winnings
- Term life insurance policies, 401k plans, retirement accounts, stock and money market accounts
- Frequent flier miles and other travel rewards points
- Collections, such as classic cars, antiques, books, coins, wine or horses
- Memberships to country clubs and golf courses
- Items spouses gave to one another during the marriage
In addition, any money lent to a third-party during the marriage is eligible for division once that money is repaid.
Both spouses are responsible for disclosing all property and assets in their possession at the time of the divorce. Through mediation, you may be able to customize who receives what in the divorce settlement depending on the circumstances surrounding the situation.