When it comes to a New York divorce, some of the fiercest disputes can arise surrounding property division. There are many different laws and specific legal jargon associated with New York property division, which can make the process even more frustrating.
If you are in the process of getting a New York divorce in 2023, or if you are considering one, it’s important to understand what property can potentially be divided in the asset distribution process so that you can fight for your hard-earned assets. Understanding the difference between community property and separate property in New York can also help you understand potential paths to end your marriage in an amicable and equitable manner.
In New York, community property is referred to as property or assets that are acquired during a marriage, which will ultimately be subject to division during a divorce. Community property is co-owned by both individuals in a marriage.
On the other hand, separate property is that which is only owned by one spouse in a New York marriage. This means that the property was likely under sole ownership before the marriage commenced, or it was given as a gift to or inherited by one spouse.
Community property can be far-reaching in scope and assets. Examples of community property in New York include:
Determining what is separate property can be a more difficult task. This is because separate property has more specific guidelines. Examples of separate property in a marriage are:
It’s important to keep in mind that in New York, community property exists, meaning that marriages can own property and assets as a joint entity. However, this does not mean in the case of divorce that all community property will be subject to 50-50 distribution between spouses.
During a divorce, New York courts will follow the rule of equitable distribution when it comes to community property. This means that the property owned by the marriage will be split based on factors that will make the distribution equitable. Such factors considered by the courts are:
In addition to the factors mentioned above, the New York courts will consider other factors related to the marriage as well. In order to better understand how property might be split in your divorce, as well as steps you can take to protect your own assets, it is recommended to contact a knowledgeable and experienced divorce lawyer.
New York is a large proponent of rights related to spousal property. It’s important to note that in the divorce process, the individual rights of each spouse will be taken into account when dividing property and assets. The ultimate aim of the New York courts is to carry out an equitable distribution that is fair for both parties.
In the state of New York, property owned jointly in a marriage is divided under the concept of equitable distribution. This means that all joint property is not automatically split equally. Instead, the contributions of each party to the property over time, as well as other factors such as the length of the marriage, are taken into account in order to split the community property in a way that is considered to be just and equitable.
In addition to assets, debts accumulated during a marriage are also distributed via equitable distribution. Therefore, in a divorce, the New York court will consider the gravity of the debt that each spouse has when distributing these liabilities. By understanding other factors, such as who benefited from the money lent, the court can decide how the debt will be distributed.
In New York, a wife, as well as a husband, is entitled to petition for obtaining parts of a retirement account in a divorce. When deciding how to distribute retirement accounts and benefits, gender is not a factor that is taken into account. However, portions of the account that were earned before the marriage started and contributions given separately might not be subject to distribution.
It is generally recommended to get a prenuptial agreement before entering into a New York marriage because it can be useful when it comes to laying out the terms of property division in a divorce. A prenuptial agreement can define in advance what property will not be subject to division in a divorce and predetermine rules for splitting assets and liabilities. This can ease the divorce process.
If you are in the process of getting a divorce in New York or are considering getting one, you may be feeling overwhelmed by the laws and regulations associated with property division. The dedicated divorce lawyers at Trotto Law Firm, P. C., can help clear up any outstanding confusion you may have and advise you on your path forward. Contact us today.
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