Answer: New York State is not a “Community Property” state but it is an “Equitable Distribution” state. The difference between the two methods of dividing marital property is as follows: whereas in a Community Property state, all of the marital property is divided equally between the two parties, in an Equitable Distribution state, the marital […]
Answer: New York State is not a “Community Property” state but it is an “Equitable Distribution” state. The difference between the two methods of dividing marital property is as follows: whereas in a Community Property state, all of the marital property is divided equally between the two parties, in an Equitable Distribution state, the marital assets are divided on an equal basis, giving more latitude to the judges to consider what would be equitable given the particular circumstances of the marriage, the earning potential of each party , and the contribution each party made to the marriage.
Leonard M. Weiner, Esq./Divorce Solutions