Most people preparing for divorce have never been through one before. They don’t know what to expect. When they try to look up the process online, they may receive conflicting or frightening information.
The reality is that every divorce is different. Each couple has different issues to address. Additionally, the rules that apply during divorce are actually different from one state to the next. Many people have an oversimplified idea of what occurs during divorce based on outdated or outright inaccurate information.
For example, some people may have heard that divorce requires the division of all marital property evenly between the spouses. Unless there is a written agreement imposing that standard, a 50/50 split of property is highly unlikely when couples divorce in New York.
The courts focus on equitable distribution
The idea of a 50/50 property division outcome stems from community property statutes. In a small number of states, the courts require that people divide marital resources evenly unless they reach their own settlement or have a pre-existing contract with one another.
New York is not a community property state. Instead, it is an equitable distribution state. The courts do not try to divide marital properties evenly. If spouses cannot manage their own asset division issues outside of court, a judge focuses on fairness.
Equitable property division requires careful consideration of marital circumstances and individual resources. One spouse may receive far more than 50% of the marital estate in some cases. The courts may also divide financial obligations unevenly based on unique factors.
Spouses typically cannot predict how judges may apply the equitable distribution statute to their resources and financial obligations. There are too many variables involved. In scenarios where people have very strong preferences related to specific marital assets, they may want to consider working toward a settlement. If they compromise on other key details, they may be able to secure the terms that they deem most important.
In scenarios where spouses truly cannot work together in compromise, they must defer to a judge’s assessment of the situation as they apply equitable distribution rules to the marital estate. Learning the basics of property division proceedings and state statutes can empower people as they prepare for divorce. Spouses can negotiate an even split of their property, but a 50/50 division of assets is unlikely in litigated divorce scenarios.