In New York, when a married couple decides there is no way the marriage can go on, they will have to go through a legal divorce and in doing so, they will have to divide their assets properly before they can bid each other farewell, for good. In New York, the law of equitable distribution is followed when distributing property between the two partners.
Many people make the mistake of thinking that equitable distribution means that their property will be equally divided between each other, but this is not the case. Equitable distribution means that the property division will occur based on what is most fair to both individuals involved in the separation. The court will examine a variety of factors to decide who gets the assets and they do have a lot of power in deciding who gets to keep the property.
Anyone who finds themselves in a divorce should reach out to a divorce lawyer as soon as they can to begin working on their case and to get help defending their rights, so they are not taken advantage of by the opposing party and so their rightful property is not given to the opposing party. An attorney who specializes in divorce cases can review a person’s case and help them present the necessary facts so they can secure the most assets possible.
The main factors that the court will look at when deciding how to divide the assets include the length of the marriage and the currently owned property and income of each spouse. If a spouse had non-financial contributions to the marriage, such as taking care of the house or raising children while the other partner excelled in their career and education, that will be taken into consideration as well. The state of the assets, whether they are liquid or non-liquid also plays a significant role in the decision-making process.
It is important to keep in mind that if one of the spouses has provable wasted assets or has bad financial habits, this will negatively impact their chances of getting a larger percentage of the assets.
The wishes of the spouses during asset division in Queens, New York
The wishes of the spouses will be taken into consideration but in the end, the court will have the power to decide who will get how much based on all the factors of the case. If a prenuptial agreement was signed before the wedding, then the decisions made in that will be taken seriously as well.
Get in touch with a divorce lawyer at the Law Office of Charles Zolot today to start building a case for proper asset division.
Reach us at:
37-06 82nd Street
Jackson Heights, NY 11372
Phone (718) 779-6545
Fax (718) 779-6640