Domestic Relations Law defines the term "marital property" to mean all property
acquired by either or both spouses during the marriage and before the execution of a separation agreement
or the commencement of a matrimonial action, regardless of the form in which title is held, except as
otherwise provided in an agreement (prenuptial or postnuptial agreement), or that which is Separate
Property. Basically, any property that is earned or acquired during the course of the marriage is
marital property and subject to being divided between the parties. This may include the marital
residence, vehicles, retirement accounts, bank accounts, stocks, bonds, mutual funds, interests in
businesses, and other items of property acquired during the marriage. Professional licenses, and
college & advanced degrees are no longer considered marital property because of legislation passed in 2016.
The Marital Property is Divided by a process known as Equitable Distribution. The Court
uses Equitable Distribution to distribute marital property upon the dissolution of the marriage based on
what is fair under the circumstances. Equitable Distribution does not mean "equal distribution" but
sometimes to avoid conflict marital property is divided equally. The following
"Factors", are used by the Court to determine how marital property is divided:
- Income of each party at time of marriage, and when the divorce action was brought.
- Property of each party at time of marriage, and when the divorce action was brought.
- Length of the marriage.
- Age and Health of each of the parties.
- The need for the custodial parent to occupy or own the marital residence.
- The need for the custodial parent to use or own household goods and furnishings.
- The loss of inheritance rights upon dissolution of the marriage.
- The loss of pension rights upon dissolution of the marriage.
- Whether maintenance will be awarded.
