Want to know How is Property Divided in a Divorce in New York? When the court grants a divorce, both spouses’ property will be divided fairly but only sometimes equally. The Equitable Distribution Law determines this. In addition, during the divorce, both spouses must disclose their income, assets, and any outstanding debts to the court. If you want to know How is Property Divided in a Divorce in New York, you should talk to a seasoned lawyer. An attorney can guide clients on the issue – how is Property Divided in a Divorce in New York. So, speak to our attorney at the Law Offices of SRIS, P.C., if you have any queries.
Explanation on How is Property Divided in a Divorce in New York – What is equitable distribution?
Equitable distribution means distributing the property fairly. When marital property is divided equitably, it is divided between the spouses in the most equitable manner the court can determine. Although this does not guarantee that the property will be divided equally, this is typically the outcome. If you have been wondering How is Property Divided in a Divorce in New York, you need to talk to a lawyer.
Understanding How is Property Divided in a Divorce in New York – Properties that can be divided?
For a divorce, there are two distinct categories of property. The property the couple purchased during the marriage is known as marital property, and separate property refers to the property you owned before marriage or received as a gift from someone other than your spouse. The assets bought during the marriage can be divided among the spouses. People opting for divorce have many questions and the main among it is how is Property Divided in a Divorce in New York. It would help if you discussed this with an attorney to clarify this.
Here is all about How is Property Divided in a Divorce in New York – Marital property & Separate property
Marital property refers to all items that either spouse acquired during the marriage. Therefore, whoever is listed on the title is irrelevant.
Property owned by one of the spouses before the marriage is considered separate property. Any inheritance that a spouse gets, in any event, during the marriage, is separate property. So are private gifts and personal injury compensation. However, if separate property is combined with marital property, it can become marital property.
Check out How is Property Divided in a Divorce in New York – How do courts determine equitable distribution law?
When deciding how to divide the marital property, the court should take these factors into account:
- The income and assets of each spouse at the time of the marriage;
- The length of time that the marriage lasted;
- The health and age of both spouses; and,
- If there are children, whether or not the spouse with custody of the children requires the home or any other marital property during their childhood;
- The loss of inheritance and annuity benefits;
- The efforts and hard work of a spouse in the family.
This should give you an idea about the reasons behind How is Property Divided in a Divorce in New York. Next, talk to an attorney and discuss the possibilities in your case.
Find out How is Property Divided in a Divorce in New York – Will the court order the marital home to be sold?
The home can be sold by order of the court. However, the court may postpone the sale if one of the parents has custody of the children. The court may also give the house to one of the spouses. This will be decided based on what affects equitable distribution. Also, note that the court will consider the value of the marital home. It will also investigate mortgages and other housing choices. Want to know How is Property Divided in a Divorce in New York? Our lawyer can help you!
Knowing How is Property Divided in a Divorce in New York – Exclusive Occupancy rights
One spouse can live in the house with exclusive occupancy rights. However, the other spouse needs to move somewhere else. This can be done to ensure that the spouse taking care of the children live in peace. They can also be given to ensure the safety of one spouse during the divorce.
Why do you need an attorney to know How is Property Divided in a Divorce in New York?
Understanding the distinctions between the various kinds of property is crucial if you are going through a divorce and want to safeguard your possessions. Ensure your property division after divorce is equitable and you get what you should.
If you want to evaluate How is Property Divided in a Divorce in New York, talk to our attorney at the Law Offices of SRIS, P.C. Our clients can communicate with us to get a clear explanation of property issues and How is Property Divided in a Divorce in New York.