Have a Tax Question? Ask a Tax Expert
New York is not a community property state, but they do have protections for spouses. In New York, property is divided equitably when a couple divorces. This can result in an equal property division, but it doesn't always. An equitable property division is one that is fair, considering what each spouse had before the marriage, contributed to the marriage, and what each spouse will need to move forward.
Please remember, as per the terms of this website, Answers of Experts on the Site are to be used by Customers for general information purposes only, not as a substitute for in-person evaluation or a specific professional opinion.
Thus, an argument could be made that the increase in the value of the home since you were married is a joint asset subject to division. But, since you cannot divide a house, he would pay you your share with other assets. Also, if he has a retirement account you could be entitled to the increase in its value since your marriage.
I hope I answered your question with sufficient detail, accuracy, and completeness based on the facts communicated. I would be happy to expand my answer should you need clarification; before you rate my answer. Accordingly, please rate my answer, based on thoroughness and accuracy, rather than any good or bad news/content. We (the experts) are only compensated when an answer is accepted and rated. I appreciate your prompt response. Sincerely, ***** ***** Breecher, CPA.