How is Property Divided in a New York Divorce
Working together in a divorce is the best possible outcome a couple can aim for. Division of assets can be challenging when considering all of the factors that will influence life after the dissolution of a marriage. It can leave you with apprehension and fear for the future when your financial security seems shaky.
Understanding how courts determine property division in a New York divorce can prepare you for what is ahead. But more importantly, ensuring a skilled, experienced divorce attorney represents you will ensure that your best interests are cared for. The compassionate but driven New York divorce attorney at the Law Office of Vivien I. Stark, P.C., will stand by you throughout the process.
The Types of Property in A Marriage
New York law divides the property into two categories. Any property acquired during the marriage and before the separation agreement has been executed is considered marital property.
Properties acquired before the marriage or after the separation agreement has been filed are considered separate property. You may also acquire separate property during the marriage. Some examples include:
- Inheritance received during the marriage
- Assets that were gained replacing other separate properties in a marriage
- A personal injury settlement
Commingling and Transmutation of Property
The commingling of assets and transmutation often complicate property division. These two terms describe situations when it may be unclear if a single property has been converted to marital property.
The laws pertaining to single property, commingling, and transmutation require extensive knowledge of the legal system to navigate accurately. These complications highlight the critical need for a New York divorce attorney to advocate for your future so that every consideration for equitable distribution is taken into account.
The Division of Property in a New York Divorce
If a couple cannot divide their assets without the court’s assistance, the court will take responsibility for determining separate and marital property. It also has the responsibility of determining a fair and equitable division of property. This decision is not based on equal percentages but considers many factors. Some of these include:
- The current age and health of both spouses
- Will one spouse incur expenses related to education or training because of the divorce
- The earning capacities of both spouses and how past family roles may have had an impact on earning potentials, such as childcare roles and responsibilities
- The wastefulness of a partner with marital funds or properties
- Court-ordered child support or marital maintenance payments
- Any acts by one spouse that played a factor in the inhibition of the other spouse from gaining employment, such as domestic violence
- Will medical insurance be affected by the termination
- Standard of living established in the marriage
- Did one spouse contribute to factors that improved the earning potential of the other party
- Tax consequences to both spouses
- Additional factors particular to the marriage
Working for Your Benefit in a New York Divorce
Immense consideration about past circumstances and how they affect your present status and future potential must be examined in a divorce. The gravity of this emotionally charged event can make it impossible to work together to determine the division of property. And even in amicable situations, hiring an attorney to act in your best interest is a wise and encouraged action.
When you discuss your needs with a recognized top divorce lawyer, you can expect the exceptional guidance that has become synonymous with the Law Office of Vivien I. Stark, P.C.