Property division after a divorce in New York is done in an equitable fashion. This means that the property may possibly be divided 50/50, but it may not be divided in this way based on the details of each partner’s livelihood and their contribution to the marriage.
Before New York became an equitable distribution state, it used to be a common-law property state. This means that the court distributes the assets based on who owned the title.
However, now the following aspects are considered when the property is being distributed:
- The income of each spouse
- The property owned by each spouse before and during the marriage
- The length of the marriage
- The health and age of each spouse
- Whether alimony is granted
- The liquid or non-liquid nature of the assets
- The possible future financial conditions of the spouses
Each spouse will get to keep their separate property. Separate property includes any property that either spouse acquired before the marriage. It also includes any money they received individually as an inheritance or gift. Compensation for personal injuries and any agreements made in the prenuptial agreement will also be taken into consideration.
Getting a divorce is never easy, and a person has to deal with a roller coaster of emotions when they make this decision, and they are going through the entire legal process. It can be tempting to give in and just agree with the other party without fighting for one’s rights because of how exhausting the situation is. However, no one should have to give up their rightfully owned assets and a legal representative can take the task of dealing with the financial and legal aspects of a case where a person focuses on getting back on their feet again after this drastic life change.
Who decides the division of assets in Queens, New York?
The court ideally wants both spouses to be able to split their assets and debts on their own in a fair manner. The judge will likely approve an agreement if it is fair to both sides. However, if a person can not agree with how to divide their assets, the judge will determine how to categorize the assets and then divide them accordingly.
A qualified divorce attorney or mediator can help a person negotiate a fair amount of settlement between the two parties. Anyone who is getting a divorce should get in touch with a qualified divorce lawyer at the Law Office of Charles Zolot to get help during the divorce process.
Reach them at:
37-06 82nd Street
Jackson Heights, NY 11372
Phone (718) 779-6545
Fax (718) 779-6640