New York divorce law mandates that all marital property that is the subject of a New York divorce be distributed equitably between the parties. The New York law also allows the parties to agree and distribute their property in any manner that the parties can voluntarily agree. You and your spouse may voluntarily consent to distribute your marital property in any way that you both agree. Your lawyer can advise you what is reasonably fair and equitable.
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Generally, New York equitable distribution law starts with the principle that property and assets acquired by either or both spouses during the course of a marriage and before the execution of a separation agreement or the commencement of a divorce action regardless of the form in which title is held is marital property and is therefore subject to equitable distribution. Marital debts are also subject to equitable distribution.
Equitable Distribution of Marital Property