When two individuals decide they want to go their own way, and they can no longer make their marriage work; they will have to divide their assets as well. The judge will determine how to divide the property, and it is usually divided in an equitable fashion. This means that the judge will look at the details of each individual and based on the contributions they made to the marriage and their needs, they will divide the house.
Before this law was put in place, the court used to divide property based on who owned it. However, now the title is not that important, and all property is divided fairly between the two parties. Important factors that are taken into consideration include the income of each spouse, the length of their marriage, the health and age of each spouse, the need of the parent with custody to live in the house, whether alimony has been granted or not, and the contributions of each spouse into the marriage.
It is important to keep in mind that in New York, the court only divides the marital property. Spouses are allowed to keep their separate property. Marital property will include anything that the spouses acquired during the property regardless of the person who owns the title. This property includes the income of each spouse, any houses purchased, the retirement benefits collected, and the appreciation of marital property as well. Individuals who are going through a divorce should get in touch with a divorce attorney to help them fight for their rights, so they are no longer taken advantage of, and they walk away with everything that rightfully belongs to them.
What counts as separate property in Queens, New York?
Separate property will not be divided during a divorce and will remain with each individual. Separate property includes property owned by either spouse before they entered the marriage, or property that was received as an inheritance or gift. Separate property also includes compensation received for personal injuries.
If there is a business involved, then the court may usually grant the business to the spouse who is running it, but then grant additional property to the other spouse to make up for them not having a share in the business.
Going through a divorce is exceedingly difficult on both an emotional and financial level. Anyone who finds themselves in this situation should reach out to a divorce lawyer at the Law Office of Charles Zolot to get proper help filing their claim and to receive detailed legal advice that works in their best interest.
Reach out to them at:
37-06 82nd Street
Jackson Heights, NY 11372
Phone (718) 779-6545
Fax (718) 779-6640