When couples file for divorce in New York, they may feel overwhelmed while attempting to negotiate the terms of the divorce settlement. Whether couples are creating their own settlement through mediation or going through a traditional courtroom divorce, it is necessary to divide all marital property between spouses. In order to do so, however, it is critical to know what the different types of marital property are so that people can get everything they are entitled to in the divorce settlement.
Martial property encompasses everything that a couple has amassed during the time they are married. This includes much more than simply the family home, cars and furniture. Couples should think of the following when dividing their property:
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Lottery ticket winnings and income tax refunds
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Travel rewards points and other card benefits
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Exclusive memberships to country clubs and golf courses
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Retirement accounts, 401k plans and term life insurance policies
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Expensive collections, such as art, antiques, coins and cars
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Intellectual property, such as patents, copyrights and trademarks
Any gifts a couple gave to one another during the course of the marriage are considered marital property and are eligible for division as well. Furthermore, if one spouse lent money or property to a third-party during the marriage, the other spouse is entitled to half of that amount once it is repaid.
When couples are able to identify all types of marital property, they may be able to avoid problems with the divorce decree in the future. Negotiating the terms of property division through mediation can be extremely helpful.