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Divorce can be one of the most horrible emotional experiences you ever go through. On top of that, it can be complicated and costly. One of the biggest mistakes you can make when getting a divorce is choosing the wrong lawyer. If you have premarital assets, ones that you brought into the marriage, call us for a free consultation. It’s our job to protect your assets from your spouse, and to make sure you get a fair deal in court.
Equitable Distribution in New York
New York follows the principle of "equitable distribution" when it comes to dividing marital assets during a divorce. Unlike community property states where assets are typically split 50/50, New York aims to distribute assets fairly and justly, taking into account several factors.
Key Factors Considered:
Marriage Duration: The length of the marriage plays a significant role. Generally, longer marriages tend to result in a more even distribution of assets.
Child Custody /Support
Who the children end up living with can play a role in ongoing child support.
Financial Contributions: Courts carefully consider the financial contributions made by each spouse during the marriage. This includes income earned, debts incurred, and property acquired.
Non-Financial Contributions: Non-financial contributions, such as homemaking and child-rearing responsibilities, are also recognized and factored into the equation.
Future Financial Needs: The court assesses the future financial needs of both spouses, considering earning potential, health, and other relevant factors.
Wasteful Dissipation: If one spouse has recklessly spent or dissipated marital assets leading up to the divorce, this behavior may be taken into account when determining asset division.
Property and Assets Owned: The nature and value of assets owned by each spouse, including real estate, investments, businesses, and personal property, are carefully considered.
Tax Consequences: Potential tax implications of asset distribution are weighed. This might involve the sale or transfer of specific assets.
Spousal Support: The court may consider spousal support (alimony) arrangements and how they impact each spouse's financial situation.
Separate vs. Marital Property
It is essential to distinguish between separate property and marital property in a New York divorce:
Marital Property: Generally, this includes assets and debts acquired during the marriage, regardless of which spouse earned or incurred them. Exceptions might exist for gifts or inheritances explicitly designated for one spouse.
Separate Property: This category consists of assets owned by one spouse before the marriage, as well as gifts and inheritances received individually during the marriage. Separate property is usually not subject to division, although commingling with marital property can complicate matters.
The Division Process
The asset division process in New York often begins with identifying all marital property. This involves creating a detailed inventory of assets and liabilities, a task that may require the expertise of financial professionals and divorce attorneys.
Once all marital property is identified, the court applies the equitable distribution factors mentioned earlier to determine a fair division. Importantly, "equitable" does not always mean "equal." While a 50/50 split is possible, the court may opt for a different distribution based on the unique circumstances of the marriage.
Negotiation and Settlement
Many divorcing couples in New York prefer to negotiate their own settlement agreements rather than relying solely on a court's decision. This can involve mediation or collaborative divorce processes, where both parties work together, often with the assistance of attorneys and mediators, to reach a mutually agreeable asset division.
Settlement agreements offer more flexibility and control over the outcome, allowing both spouses to tailor the division to their specific needs and preferences. However, it is crucial to ensure that any negotiated settlement aligns with New York's equitable distribution principles and gains court approval.
Conclusion
Successfully navigating asset division in a New York State divorce demands a thorough understanding of the equitable distribution principle and the various factors considered by the court. Whether your divorce involves straightforward asset division or complex financial portfolios, seeking legal counsel from an experienced family law attorney is highly recommended. A skilled attorney can protect your interests and ensure that the asset division process proceeds as fairly and smoothly as possible.
*Disclaimer: This is not legal advice. It is a general guideline for informational purposes only. Every case is different. Please visit our website for more information. Thank you.
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