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New York divorce - Property Distribution.


New York is an "equitable distribution" state. Separate Property, including Property acquired before a Marriage and any gifts or inheritances whenever acquired, is to remain with the spouse who owns it. Separate Property also includes any increase in value or Property acquired in exchange for separate Property. Marital Property acquired during the Marriage will be equitably divided between the spouses, based on the following factors:
 
(1) the contribution of each spouse to the acquisition of the marital Property, including the contribution of each spouse as homemaker; (2) the income and value of each spouse's Property at the time of the Marriage and at the time of filing for divorce; (3) the probable future economic circumstances of each spouse; (4) the length of the Marriage; (5) the age and health of the spouses; (6) the amount and sources of income of the spouses; (7) the probable future financial circumstances of each spouse; (8) the potential loss of inheritance or pension rights upon dissolution of the Marriage; (9) whether the Property award is instead of or in addition to maintenance; (10) custodial provisions for the children and the need for a custodial parent to occupy the marital home; (11) the type of marital Property in question [whether it is liquid or non-liquid]; (12) the impossibility or difficulty of evaluating an interest in an asset such as a business, profession, or corporation and the desirability of keeping such an
 
[Consolidated Laws of New York Annotated; Domestic Relations Law, Article 13, Section 236, Part B].
 
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Defenses of Impossibility of Performance and Frustration of Purpose

New York Law Journal
In another case, Justice Eileen Bransten of the New York County Commercial Division ruled that the doctrine applies only to executory contracts. In KBS Preferred Holding I v. Petra Fund REIT, Nos. 601384/09, 601836/09 (N.Y. Co. May 3, 2022), defendants ...
Defenses of Impossibility of Performance and Frustration of Purpose

4 Financial Musts When Planning Divorce

Newsmax
First is asset distribution. You need to identify which assets can be divided between you and your spouse – i.e., which are considered marital property and thus subject to division; and which are separate property. The way assets are divided varies ...
4 Financial Musts When Planning Divorce
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