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In New York, property division is a crucial aspect of divorce, following the principle of equitable distribution. Marital property includes real estate, personal items, financial assets, business interests, and debts. The court divides marital property based on factors like income, length of marriage, age, health, child custody, and contributions to the marriage. Separate property, acquired before marriage, gifts, inheritances, and personal injury awards, is typically retained by the spouse who owns it.
