What To Expect
If you’re getting divorced in New York, you may have many questions about the process. One of those questions may relate to what happens to your assets after the divorce is finalized. What do you get to keep, and what is up for potential division in court? Here’s what you can expect.
New York operates as an equitable distribution state. This means that marital property will be divided in an equitable manner based on each person’s contribution to the marriage and what each person will need to live on after the divorce is finalized.
It is important to note that equitable distribution does not necessarily mean equal distribution. While it is certainly possible that a judge may divide all marital property in a 50/50 split, there is no guarantee of this provided by law.
It is possible to work out a property division agreement without going to court, but this is only provided that you and your soon-to-be ex-spouse can come to an agreement. If not, then the judge overseeing your case will make the final property division determination based on equitable distribution.
Marital Property Only
New York judges will only divide property acquired during the marriage. Separate property, defined as any assets acquired by either party prior to being married, does not get divided by a judge. These resources, namely money, can be used to determine any necessary spousal or child support payments.
Factors Considered When Dividing
The judge overseeing your divorce may make property division determinations based upon several factors:
The overall length of the marriage.
The income and property owned by each spouse when married and when divorcing.
The overall income earning capability of each spouse, including age, health, income, and education.
Any children involved in the case.
More complex assets, such as a joint-owned business or bank account, are more difficult to divide than simpler assets such as cash. Regardless, the judge may take these factors and others (depending on the case and assets) into consideration when making a final decision.
Fight For What Is Yours
You have the right to fight for property that is yours, and having a skilled attorney by your side can make that fight easier. Levi Divorce & Family Law Attorneys has fought for numerous clients for many years and will fight for your rights.
Call us today at (718) 215-0121 or visit our website to schedule a consultation.