A major concern that spouses must deal with during a divorce is the fair division of their assets and even the division of their liabilities. In New York, the court follows the equitable distribution law. This means that you will receive as much as the court decides based on how much you contributed to the marriage. Also, the court will look at what each spouse will need to survive and continue living a good life after the separation occurs.
It is especially important to note that in New York, the assets are not divided equally. Instead, they are divided equitably based on certain factors. You do not always have to escalate matters to a judge and jury. Instead, a court will almost always accept a written statement between the two of you which explains how you intend to divide your assets. If you are unable to come to a compromise with your spouse, you should get in touch with a divorce attorney to help you negotiate and come up with a fair plan that both of you can easily agree on.
The court will only take responsibility for dividing marital property and not individual assets. The marital property counts as any property that was earned or acquired during the marriage, no matter who the asset belongs to according to the paperwork. Separate property is whatever you owned before you got married or gifts and inheritance that you received.
In what cases can my separate property be shared with my spouse during a divorce?
In some cases, the difference in the increase of the value of any property you previously owned may be counted as marital property. For example, if you owned some land before you got married and your spouse did some work on it that increased its value then it becomes marital property.
So, if your spouse contributes to your separate property in any way and makes it increase in value then they are entitled to receive a share of it in the case a divorce does occur. The court will not only distribute your assets such as property, jewelry, and income, but they will also distribute your debts equally. The debt will be examined as either marital or separate and then assigned responsibility accordingly.
When dividing property, factors such as the income of both spouses, type of property owned, length of the marriage, age of the spouses, number of children involved, and any contributions made to the marriage will be taken into consideration.
A divorce lawyer can help you figure out how to divide your assets and negotiate a fair agreement with your spouse.
Get in touch with a divorce lawyer today at the Law Office of Charles Zolot.
Contact us at:
37-06 82nd Street
Jackson Heights, NY 11372
Phone (718) 779-6545
Fax (718) 779-6640