 Randi
L. Karmel, PLLC, 425 Park Avenue, 27th Floor, New York, NY 10022 |
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 Property
Rights and Equitable Distribution
In the event of divorce, the husband and wife are generally
free to divide their property as they see fit. This is called
a marital settlement agreement. Marital settlement agreements
are contracts between the husband and wife that divide property
and debts and resolve other issues of the divorce.
Under New York law, equitable distribution does not necessarily
mean equal distribution. Division of assets and fixing support
are covered by the Equitable Distribution Law of the State of
New York. There are two classifications for property, separate
and marital. Separate property can turn into marital property
under certain circumstances. Marital property is all property
acquired during the marriage (regardless of who title is held),
except inheritance, gifts from third parties, compensation awards
for personal injury and negligence actions and anything acquired
after the start of the action for divorce. |
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