Legal Question in Family Law in New York
Separation
If I get a separation from my wife, do I have to give her half of my pension, along with half of my 401 K plan,and does she get half of my medical plan and also does she get half of our house, and who pays the mortgage?
2 Answers from Attorneys
Re: Separation
A mere separation will not require partition of your pension or 401k. However, under New York law, if you get a divorce, the pension and 401k are both subject to equitable distribution.
Equitable distribution does not always mean 50%. There are a number of factors that play into the specific percentage that is awarded to a former spouse. These generally relate to the length of the marriage, as well as the existence and value, if any, of the account prior to the marriage.
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Re: Separation
New York is not a community property state, so marital assets are not automatically divided in half. Instead, we use something called equitable distribution, which does not use any set percentage to divide assets that are deemed to be marital property. However, the items that you mentioned in your question are marital property (except the medical) and your wife is entitled to her fair share of them. What that "fair share" is determined by either an agreement between the two of you, or, in the event that you cannot agree, by the court.