The determination of property division, including real estate, during divorce proceedings in New York State is governed by the principle of equitable distribution. This does not necessarily mean an equal 50/50 split. Instead, courts aim for a fair division based on various factors considered relevant to the specific circumstances of the divorcing parties. The marital residence, often a significant asset, is subject to this equitable distribution process.
The disposition of the marital home is a critical aspect of many divorce settlements. Its value often represents a substantial portion of the couple’s combined assets. The decision impacts both parties financially and emotionally, especially if children are involved. Historically, courts have considered the needs of custodial parents and children when determining who retains possession of the residence.
