Division of assets and the debts are covered by the “Equitable Distribution Law.” The statute is founded on the philosophy that a marriage, especially one of long term duration, is an economic as well as social partnership. Two classifications of property were created, known as “marital” and “separate” property. Marital property is all property acquired during the marriage (regardless of how title is held), except inheritance, gifts from third persons, compensation for personal injuries and property acquired after the start of a divorce action or before the marriage which are classified as separate property. Marital property and marital debts are distributed between spouses in a dissolution action on flexible and equitable principles. New York has recently enacted a law that will no longer consider licenses and degrees obtained by a spouse during the marriage, as marital property.
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