PROPERTY DISTRIBUTION
In divorce cases in New York, in the event the court grants a divorce, the marital property of the parties is subject to equitable distribution by the court unless the parties have provided otherwise in a agreement "in writing" that meets the legal prerequisites for being valid and enforceable. "Marital property" and "equitable distribution" are phrases with a defined legal meaning. There are multiple factors, which sometimes require complex legal analysis, that the court must consider in directing the equitable distribution of marital property. Issues involving property distribution typically involve determinations of what property is marital property and what property is not and the values of particular items of marital property. Appraisers are frequently hired to appraise the value of marital property. For example, an appraiser may be hired to appraise the value of real estate or an appraiser may be hired to appraise the value of a painting.
It is often preferable for the parties to reach their own agreement regarding equitable distribution of property, if possible, so as to avoid having the court make the decision for the parties and so as to avoid the often substantial legal expenses of presenting the issue of equitable distribution to the court.
Please note that individuals contemplating a divorce should obtain legal advice from an attorney pertaining to their own situation. This is because each case involves legal issues and considerations that are specific to that particular case.
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