Asset division is a practice area where our attorneys from the Law Offices of SRIS, P.C., have deep experience, and we can assist you in understanding your rights and options. No matter the particulars of your divorce, we will collaborate to ensure you receive a fair and equitable asset allocation.
The division of assets is crucial to settling a divorce in New York. According to New York divorce laws assets and properties should be distributed fairly, not equally. Considering all pertinent factors, this indicates that the assets will be shared equally among the parties.
Asset Division in a Divorce/New York Divorce Laws Assets:
New York divorce laws assets splitting can be a complex procedure. Examining your options with an accomplished lawyer at the Law Offices of SRIS, P.C. is crucial if you’re divorcing in New York. You can better comprehend the law, defend your rights, and bargain for a just resolution with the aid of a lawyer.
When splitting assets, the court will take several things into account, such as:
- How long the marriage has lasted
- Each spouse’s earnings and future earnings potential
- Each spouse’s contributions to the wedding, both material and immaterial
- The requirements of any dependent child
- The assets’ market value
- The parties’ intentions
- The division of assets is one of the primary issues that should be handled when a marriage ends in divorce.Â
The equitable distribution statute is the name of the statute in New York that governs how property is divided during a divorce. According to this law, the division of assets divorce new york
between the spouses should be fair and consider all relevant factors.
Debts/New York Divorce Laws Assets:
In New York divorce laws assets and debts are also shared during a divorce. Debts incurred during a marriage, regardless of who carries the debt, are marital debts. Debts that either spouse accumulated before the wedding or obtained through a separate property transaction are distinct debts.
Marital debts are often split evenly between the spouses. If it is more equitable to do so, the court may divide the debts differently. For example, courts may give custody of marital debts to the spouse who earns more or is more likely to be able to pay off the debt.
The following are a few of the many typical kinds of marital property:
- Real estate
- Personal belongings
- Retirement savings
- Businesses
- Debts
How is the Equitable Division of Property Carried Out in New York?
In New York divorce laws assets, the equitable distribution method is used to split assets. This means that when your assets are divided, they are only sometimes equally divided. In contrast, they will be split in a way that benefits both parties and is fair and just.
When dividing assets, the court will consider all pertinent factors, such as the length of the marriage, each spouse’s income and earning potential, contributions to the wedding, the needs of any dependent children, the value of the assets, and the party’s wishes.
- Contribution to the acquisition, maintenance, or increase in value of marital property by each spouse, including the primary breadwinner spouse.
- The financial situation of each spouse at the time the case was filed and the financial crisis of each spouse as it is anticipated to be in the foreseeable future.
- The length of the marriage; the ages of both partners.
- Each spouse’s emotional and physical well-being.
- The income potential of each couple.
- Each spouse’s requirement for a particular asset.
- The spouse’s assistance in the upbringing and education of any children from the marriage.
- The proposed distribution’s tax implications.
- Any further factors the court deems essential.
Difficulties in Distributing Assets during a Divorce
The division of assets in a divorce might present several difficulties. Some of these challenges include:
- Disagreements over the assets’ worth.
- Disagreements regarding how to distribute the assets.
- The need to take dependent children’s needs into account.
- The requirement to consider the tax implications of asset division.
In any divorce, the allocation of New York divorce laws assets is a crucial matter. In New York, the division of marital property is done fairly, though not always equally. When separating marital property, the court considers factors such as the length of the marriage, each mate’s income and future earning potential, the needs of any children from the marriage, and the contribution made by each companion to the purchase, maintenance, and interest in the New York Divorce Property Division. In a divorce, separate property is not divisible.
If you’re divorcing in New York, discussing your options with an experienced lawyer from the Law Offices of SRIS, P.C., is crucial. A divorce asset split can be a difficult and complex procedure, but the Law Offices of SRIS, P.C., can help you understand your legal rights and options and ensure a fair distribution of New York divorce laws assets. Call us immediately to arrange a consultation.
Frequently Asked Questions:
What is marital property?
No matter whose name is on a piece of property, anything a spouse obtains while married is regarded as marital property. This includes assets from either spouse’s employment, gifts, or inheritances obtained during the marriage, and any new or appreciating purchases.
What is separate property?
Property not regarded as marital property is referred to as separate property. This includes property owned by one spouse before the union, property acquired through a gift, a legacy, or a personal injury settlement during the marriage, and property obtained with separate property funds throughout the marriage.
What if we cannot agree on how to divide the New York divorce laws assets?
The court will decide how to divide the resources if you and your companion can’t agree. The court will consider each of the reasons above when formulating its decision.
What if I wish to maintain the home?
If you want to keep the home, you should propose reimbursing your spouse for their equity share. The value of the house and your spouse’s equity stake will determine how much compensation you will be required to pay.
I have a pension; what happens?
Your pension will be divided as part of the New York divorce laws assets because it is considered marital property. The amount of your retirement that will be split will depend on how long you were married and how much of the marriage estate your spouse received.
What if I owe money?
Marriage-related debts are regarded as marital debts and will be shared as part of the divorce settlement. The duration of your marriage and your spouse’s ownership interest in the marital estate will determine how much debt you will be held accountable for.
What is equitable distribution?
As New York is an equitable distribution state, the division of assets should be fair to both spouses. This does not necessarily imply that the distribution of New York divorce law assets is equal. When deciding an impartial distribution grant, the court will consider several factors, including the duration of the marriage, the spouses’ age and health, earnings and potential for employment, New York divorce laws assets and obligations, the needs of any dependent child, and each spouse’s contributions to the marriage, both material and immaterial.
If I have a prenuptial agreement, what happens?
A prenuptial agreement may impact the distribution of assets in a divorce. Prenuptial agreements should be reasonable and equitable to be upheld, though.
Say I have a retirement account. What then?
In a divorce, retirement funds are regarded as marital property. The precise form of the retirement account will determine how it is divided.