You’re bringing your marriage to an end, but after so many years, it can be difficult to decide who gets what assets. If you and your partner can’t navigate the process, then the state may take it out of your hands.
If you and your partner can’t complete the often-complicated process of dividing assets in a divorce, then that responsibility will fall on the courts. While there is no one-size-fits-all answer, the court will work within general guidelines to address assets. Knowing what outlines are in play can make a big difference in how your property appears on the docket.
New York splits uses the idea of equitable division for any asset the court classifies as marital property. This doesn’t mean an even split of your marital assets, but rather a fair one. The court will look at the contributions and needs of you and your partner to come up with a solution that works best for both parties moving forward:
- Duration: The length of your marriage can play a role in how the state divides your assets. The longer your lives are intertwined, the more the courts could see cooperative investments in your various assets.
- Contribution: Pitching in for the family can carry weight. The state could consider looking after the household as strongly as being the primary breadwinner. This can also include supporting your spouse during the pursuit of higher education to the end of having a higher income.
- Custody: Looking after your children may enter the equation as the process addresses your property. If the kids are staying with you, you may be more likely to get the house while the state might compensate your partner to the same degree with other assets.
- Relevance: The court has leeway to look at any additional factors that might be relevant to your case. From future financial estimates to inheritance loss, there are near-countless ways a court can tackle distribution.
No two divorces cases are the same, and courts will look to handle the merits of each in a way that works in your situation. Make sure you understand what counts as divisible, and what you contributed to those assets to ensure you get your fair share.