What Should You Know About New York Divorce Property Division?
One of the most difficult parts of a divorce can be dividing up property, particularly in New York, where the rules governing property division can be complicated. It is essential to comprehend the operations of the New York Divorce Property Division in order to guarantee a just settlement. This blog will go over important factors, rules, and tactics for handling asset distribution in a New York divorce.
How the Court Evaluates and Determines an Equitable Property Division in a Divorce
Making decisions regarding marital residence is a component of the more general problem of splitting your married assets in a divorce. In a no-fault divorce, you and your ex can collaborate with your respective divorce asset division lawyer to reach a mutually agreeable settlement. However, the divorce court judge will finally choose how to divide your property if it gets to trial. We need some background information before we can discuss how this procedure might proceed.
What Are the Considerations for Equitable Property Division?
Even though you are in front of the judge because you cannot agree on it, the judge has a difficult job deciding how to divide your assets equally. The court must consider a variety of factors in addition to the marital assets and refrain from applying arbitrary criteria when determining what is equitable. Let us examine a handful of factors:
Earnings and prospective earnings for every spouse. A spouse with a greater income can receive a smaller portion of the assets due to their earning capacity. On the other hand, more tangible property can be given to a spouse who is financially dependent or has less earning capacity.
Each spouse’s age and health. For instance, a spouse who is ill or requires more care might receive a larger share of the assets.
- The degree of wasteful spending by either spouse. Increases and decreases are considered.
- Requirements of the kids and who will be most accountable for them.
- Your divorce settlement is crucial to your ability to move on with your life after the divorce, despite how difficult this process can be. You truly only have one shot to get it properly.
If you and your ex continue to communicate in a reasonable and friendly manner, you can reach an agreement and save yourself a great deal of stress and heartache. However, if you can not agree or find yourself receiving an unfair share of the assets, you might need to go to court to ensure your property is divided fairly. Connect with our attorney for legal guidance.
Knowing about marital property division
New York divorce division of assets at the end of a marriage is one of the most challenging aspects. There may be disagreements between you and your soon-to-be ex-spouse regarding certain things that were acquired during the marriage. Who owns the vehicle? Who stays at the property?
In a divorce, property must be distributed as equally as possible since New York is an equitable distribution state. However, this does not imply that assets are divided equally. Among the many factors the court will take into account are the parties’ ages and health, their contributions to the marriage, the medical insurance cancellation or pension rights, and maintenance awards. The judge will also consider whether the custodial parent wants to stay in the marital residence if there are children involved.
According to New York State divorce laws division of property only requires equitable distribution of marital assets. The original owner of non-marital or separate property is still in possession of it. As a result, it is critical to know what belongs to you and what you will have to divide in a divorce.
What is Marital Property?
All assets acquired by either partner during the marriage are considered marital assets. This is true even if just one spouse is listed on the title of a particular item, like a home or vehicle. Every asset, both material and immaterial, may be regarded as marital property. Money, automobiles, boats, houses, collections, furniture, antiques, stock options, companies, retirement accounts, and pension plans are all included in this.
What is non-marital property?
Assets that are only titled to one spouse are referred to as non-marital property. Assets owned before marriage, settlements from personal injury cases, and inheritances—even if the spouse received the inheritance during the marriage—are a few examples of this. Bank accounts and residences may fall under this category.
Which retirement assets belong to the couple?
According to NY law, all assets in retirement accounts—whether in profit-sharing plans, 401(k)s, IRAs, pension plans, or any other type—are distributed fairly as long as they were accumulated during the marriage. Because assets acquired during a marriage are not divisible, it is advisable to draft a prenuptial agreement before getting married again.
How Does a Divorce Affect the Home and Other Real Estate?
The most controversial topic that most divorcing couples deal with, aside from child custody issues, is how to divide real estate, particularly the marital home. No one would give a damn if it were simply another asset; it is not just about the money. Instead, the house has sentimental value, typically for both partners. If you have children, it could be traumatic to take them away from their childhood home.
Finding common ground with your ex is actually the most difficult aspect of this situation; however, there are many things to work out. The issue is that the judge will decide for you both if you cannot agree on “who gets the house,” and neither of you may be happy with the result. To help you set expectations and get ready for some potentially challenging conversations, let us talk about this complex part of the divorce settlement.
With over 50 years of combined legal experience, our attorneys at The Law Offices of SRIS, P.C. bring unparalleled knowledge and competence to every case. In summary, negotiating the New York divorce property division can be challenging, particularly given the state’s equitable distribution regulations. To ensure a New York divorce division of assets and obligations, seeking advice from an experienced lawyer can be quite beneficial. Knowing your rights is crucial to getting a fair settlement and a more seamless transition into your new life, whether it involves assets from your business, retirement funds, or property purchased during your marriage. Contact us today.
FAQ's
Speak with a competent divorce lawyer as your next course of action. When determining an equitable distribution in New York, a judge can and will consider whether your spouse is concealing assets. To ensure that your spouse is telling the truth to you and the court, our law firm has competence in dealing with private detectives and forensic accountants.
Only marital property is divided; separate assets like gifts, inheritances, or pre-marital property generally remain with the original owner.
In New York, the courts consider the length of a marriage, each spouse's income, and asset contributions. This ensures an equitable allocation customized to each person's situation.
Retirement accounts may be included in the property division process under divorce laws. Courts will divide assets according to state and marital contributions.
