NY Divorce Lawyer
Divorce is an emotional moment. Having to call it quits after several intimate years of marriage can be a trying time. The daunting challenge presents itself when you have to divide investments and properties acquired during the period you were married. Such moments require the help of a competent team of New York divorce lawyers to negotiate the package in the property division issues. Our legal team is committed to fighting for you to get the out of the divorce.
Property division has proven to be contentious for couples especially when there is the matter of child custody to consider. The laws in place in New York have made it easier for most through its equitable distribution of marital property. New York property laws stipulate guidelines to be followed thus ensuring a fair split of the properties and investments between the couple. The courts are mandated to decide what constitutes a fair division based on a set of considerations. Some of the contentious factors the courts take into account include:
• The issue of the contributions made to the marriage by each spouse as well as,
• Differentiating what properties are marital and those that are separate.
The outcome of the court process is steered towards a fair division of the properties and may not necessarily mean an equal split for the couples.
Throughout the court process, you will have opportunities to decide on how to split your possessions with your spouse. A written separation agreement detailing the asset split may be registered and adopted by the courts of law. The courts only step in if there is no compromise agreed upon by the couple.
Matrimonial Property vs. Separate Property
In a property division matter in New York, the courts consider all assets and liabilities that belong to the partners and those that are owned in an individual capacity by the partners. All assets earned during the marriage, regardless of the name on the title, fall under the matrimonial property. Any possessions owned individually before marriage, including those stated in a prenuptial agreement, are classified under separate property. The circumstances, however, change when the courts decide on the amount of spousal alimony to be awarded. In such a case, all possessions whether matrimonial or separate, are put in the split basket.
Factors Considered by the Courts that Affect Equitable Division
Certain legal aspects are deemed by the courts as important in finding an equitable solution over and above the possessions owned. The following factors form part of the crucial aspects that inform the court’s decision.
• The duration the couple has been married, as well as the age, and the health of both partners.
• The custodial rights over the children. This informs the court the party to take over the marital home.
• The loss of pension rights, and any inheritance upon the dissolution of the union.
• The wasteful use of marital possessions by either partner.
• Any transfers or disposals of the marital assets made in contemplation of a divorce.
• Any probable financial circumstance of the parties post-divorce.
• The tax consequence or any other liability on either spouse.
• Any other issue deemed to be of importance in pursuant to an equitable division.
Our legal team’s experience is sure to help you pursue an agreeable divorce settlement. We are committed to serving your interests in any divorce litigation you may be pursuing.