Discussing your property rights with a knowledgeable divorce lawyer at the Law Offices of SRIS, P.C. If you’re going through a divorce in New York, this is crucial. With experience dealing with divorce disputes, our lawyers can assist you in understanding your rights and options.
They recognize that going through a divorce can be challenging, and we are here to offer you the help and direction you require.
The partition of property during a divorce is a crucial matter to settle. The basis of New York law is the equitable distribution concept, which states that property is shared equitably but not necessarily equally.
Property Division in New York/New York Divorce Laws Property:
It might be difficult to divide assets in a divorce in New York. Yet, there are a few standard practices that courts adhere to.
- First, the court decides which assets belong to the marriage and which belong to the parties separately.
- The court will then consider the considerations above to decide how the marital estate should be divided.
- The court will next decide how the particular sum will be divided.
The court’s determination of how to divide assets during a divorce is final. A spouse could ask the court to modify a property partition decision in certain circumstances.
Marital property and separate property are the two categories of property under New York divorce law. No matter who the owner is, any property a partner acquires while married is regarded as marital property.
This includes salary, bonuses, presents, heirlooms, and real estate acquired using marital funds. Personal property has everything the spouses owned before the marriage, plus anything acquired during the marriage through gifts, inheritances, or extramarital (i.e., non-joint) activities.
When splitting marital assets, a court will take the following into account:
- How long the marriage has lasted
- Age, health, and potential income for each spouse
- Each spouse’s involvement in the acquisition, upkeep, and appreciation of marital property
- The requirements of any dependent child
- The lavish or inefficient use of marital assets by either spouse
- Any additional elements the court deems important
New York Divorce Laws Property:
When distributing a married couple’s assets, the court is not required to follow a predetermined formula and may give one spouse a larger or smaller portion of the assets depending on the facts of the case.
For instance, the court may give one spouse a bigger portion of the marital property to reflect the economic value of that spouse’s contribution if that spouse served as the children’s primary caregiver.
The court may also provide one spouse with alimony (also known as spousal support) in addition to splitting the marital estate. In order to maintain a comparable quality of life after a divorce, alimony is meant to assist the less financially stable spouse.
Equitable Distribution/New York Divorce Laws Property:
Equitable distribution is one way to divide assets in a fair and just divorce between both spouses. It is not the same as dividing up the property equally. In truth, in a divorce in New York, the court is not compelled to split property equally.
When splitting property during a divorce, the court will take into account a number of considerations, including:
- The assets each spouse has available to them
- Each spouse’s financial and non-financial contribution to marriage;
- The requirements of any spouses’ children; and
- The property’s value
- The couples’ preferences
The court will then decide how to divide the property fairly and equitably for both parties.
Separate property is a type of possession that is distinct from marital property. Property inherited by one or both spouses throughout the marriage, such as gifts or settlements for personal injuries, is referred to as separate property.
The separate property is not subject to equitable distribution if a couple divorces.
This means the other spouse cannot assert an interest in the separate property during the divorce.
In some circumstances, the court may mandate that one spouse pay alimony to the other spouse. The purpose of alimony is to support the lower-earning spouse in maintaining their lifestyle following the divorce. The case’s particulars will determine the amount of alimony and how long it is paid for.
Divorce may be a difficult and tiring experience. Yet, it’s crucial to remember that you have rights, so if you’re considering divorcing, you should get legal counsel. The proficient divorce lawyers from the Law Offices of SRIS, P.C., can assist you in comprehending your alternatives and rights and represent you in court to ensure a just solution.
Frequently Asked Questions
1. What does New York divorce law mean by separate property?
Any possessions a spouse had before marriage are considered separate property, as is anything gained during the marriage through gifts, heirlooms, or extramarital (i.e., non-joint) endeavours. For instance, a car one spouse inherited before marriage would be considered separate property.
2. What aspects does the court consider while deciding on alimony?
Length of marriage, age of each spouse, health status, earning capacity, contribution to the marriage, need for dependent children, and standard of living enjoyed during marriage are all factors that courts consider when determining marriage. is a factor to consider. Maintenance costs are also considered and paid.
3. If my spouse won't cooperate, can I still get a divorce in New York?
In New York, you can divorce even if your partner refuses to cooperate. If your husband doesn’t reply to your divorce papers, you can petition for a “default divorce.” In a default divorce, the court will decide without consulting your husband.
4. What are the divorce laws in New York?
In New York, there are several grounds for divorce:
- Unrecoverable marriage breakup
- Inhumane and cruel treatment
- Either drug or alcohol abuse
- A jail term of at least five years
5. In New York, how long does it take to obtain a divorce?
Depending on the case’s particulars, getting a divorce in New York can take a while. Yet, the average time needed to complete a divorce is between six and twelve months. Rely on the professional lawyers at the Law Offices of SRIS, P.C., to assist you.
6. What Takes Place With the House in a New York Divorce?
One of the critical assets in a divorce is frequently the family house. When determining how to divide the family home, the court will take into account several considerations, including:
- Length of time the spouse lived in the home
- The assets each spouse has available to them
- The requirements of any marriage-born children
- The goals of the partners
In some circumstances, the court may mandate that one spouse sell the house and divide the money with the other.
In other situations, the court can rule that one spouse should keep the home while giving the other a sum equal to their respective equity stake in the property.
7. If I Have a Prenuptial Agreement, What Happens?
A prenuptial agreement is a contract that two individuals sign before getting married. In the event of a divorce, the agreement often defines how the property will be shared.
If you have a prenuptial agreement, it’s crucial to talk with a lawyer at the Law Offices of SRIS, P.C., about how it can impact your property rights in case of a divorce.
Your rights will be upheld, and our lawyer can help you grasp the agreement’s contents.