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Under New York State Divorce Laws Division of Property follows the principle of equitable distribution, aiming for a fair allocation of assets acquired during the marriage. Factors such as each spouse's financial contributions, duration of the marriage, and future financial needs are considered in this process. Marital property, including assets and debts acquired during the marriage, is subject to division, while separate property, such as inheritances or assets owned before marriage, is typically excluded. Legal counsel is often recommended to navigate the complexities and ensure equitable outcomes in property division proceedings.