DIVISION OF MARTIAL ASSETS
New York law recognizes two types of property: marital and separate. Marital property includes virtually everything that was obtained during the duration of the marriage, such as real estate, cars, furniture, 401Ks, bank accounts, and more. Separate property includes each party’s personal property that they owned before the marriage. Separate property can become marital property in some cases. For example, if one spouse bought a condominium the year before the marriage, and during the 10-year-long marriage mortgage payments were being made, it becomes more complicated as at least part of that condominium becomes marital property. Furthermore, you need to be sure that your spouse has not hidden their assets by lying on their Statement of Net Worth–a sworn financial statement that details their income, expenses, assets, property, and debts, according to the New York Courts.