Do you want to know How are Assets Divided in a Divorce in New York? Before knowing How are Assets Divided in Divorce in New York, you need to know that N.Y. is an equitable distribution state, as opposed to a common law state, regarding the division of marital property. This is about how marital and separate property is divided after a divorce or legal separation. Regarding how marital debt is divided, New York is also an equitable distribution state. If you are wondering How are Assets Divided in Divorce in New York, you need to talk to our attorney at the Law Offices of SRIS, P.C.
The court in New York does not automatically divide marital property 50/50 because it is an equitable distribution state. Instead, equitable distribution law is used to divide the property.
Wondering How are Assets Divided in a Divorce in New York – Equitable distribution explained.
Couples going through a divorce ask, How are Assets Divided in a Divorce in New York? What I am entitled to in a divorce? And What is the meaning of equitable distribution?
So, in New York, what is regarded as marital property? Any property acquired during the marriage is a marital or conjugal property in New York. A judge will divide the spouses’ property if they cannot agree on how to divide it.
Contact us to learn more about How are Assets Divided in a Divorce in New York. Our lawyers will put in much effort to help you get a fair divorce settlement.
Explaining How are Assets Divided in a Divorce in New York – What will be courts consider?
- The length of the marriage,
- Each spouse’s age and health,
- The contributions made by each spouse to the marital partnership,
- Direct or indirect contributions made by one spouse to the career of the other,
- The earning capacity of each spouse,
- Their separate property,
- Any assets transferred or encumbered in anticipation of a divorce,
- The likely future financial circumstances of each party,
- The need for a custodial parent to occupy or own the marital residence, and
- Whether or not spousal support has been awarded.
You can contact our attorney if you need clarity on How are Assets Divided in a Divorce in New York. Knowing How are Assets Divided in a Divorce in New York can help you feel secure and plan well for your future.
Find out How are Assets Divided in a Divorce in New York – Marital property Vs. Separate property
If you want to divorce, you should know all about How are Assets Divided in a Divorce in New York. All possessions and property acquired before marriage, inherited or given as a gift by a third party, and compensation for personal injuries are considered separate property. Laws governing equitable distribution do not apply to separate property. This indicates that a spouse will keep any separate property they own.
Therefore, in New York, what is regarded as marital property? Anything purchased with marital funds during the marriage is considered marital property. It will be considered joint property regardless of who earned it or whose name appears on the title, and each spouse will have a claim to some of it in a divorce. The property will be divided fairly, but not necessarily equally, in the state of New York.
Remember that separate property can become marital property if maintained with matrimonial funds or if both spouses contributed to its value. If you have doubts about How are Assets Divided in a Divorce in New York, talk to our attorney now.
Check out How are Assets Divided in a Divorce in New York - Debts
Why knowing How are Assets Divided in a Divorce in New York, you should also know how the debts are divided. Most people consider the division of assets when preparing for a divorce. Many people must be aware that the assets and debts accumulated during a marriage must also be divided.
Find out How are Assets Divided in a Divorce in New York – Why you need our attorney.
Unfortunately, equitable property division in divorce does not always result in equitable property division. Because family law judges in New York are not required to divide your assets 50/50, it is wise to hire a seasoned divorce lawyer and find out How are Assets Divided in a Divorce in New York. Our lawyer at the Law Offices of SRIS, P.C., can help you understand How Assets Divided in a Divorce in New York and devise a strategy to help you get a fair share. If you have any queries on How are Assets Divided in a Divorce in New York, talk to our attorney now!