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property division Archives

What are the factors for property division in a New York divorce?

When a New York State couple divorces, there is often confusion as to how their property will be divided. Issues frequently arise surrounding marital property, non-marital property and other factors. Understanding how this will be settled is imperative to a case and can save time, money and the energy that comes from a longstanding dispute.

Important strategies for retirement accounts when divorcing

There are many issues that come to the forefront when a New York couple decides to get a divorce. Of highest priority is children, custody, the dividing of assets, bank accounts and the valuation of property. Next, there are other matters, like retirement accounts, that must be navigated. As the divorce proceeds or is completed outright, there are strategies that couples should take with their retirement accounts.

Know your rights to secure marital property during a divorce

People often say that marriages require work to be successful and, when a person considers the sacrifices individuals must make for the greater good of their relationships, then the truth of the statement can be understood. However, some Mohawk Valley readers also know that for some couples, it does not matter how much effort they put into their marriages: their relationships are simply not salvageable.

What is considered a simple property division?

Whether a couple will experience a simple property division or a complex one during their divorce will depend entirely on the assets and debts the individuals hold at the time their marriage comes to an end. In New York, divorcing couples are subject to equitable division laws that govern how the items they own will be divided. During the equitable division process, a couple's assets will be evaluated and the court will divide them between the parties in a way that seems fair.

A simple property division may not be so simple

Readers of this Oneida County family law blog may not know that New York follows equitable division laws when it comes to separating the property of married people during their divorces. Equitable division is not the same thing as equal division, which implies that the parties leaving the marriage will receive the same amount of money and property when their divorce is finalized. Rather, equitable division requires a careful balancing of ownership, need and fairness to ensure that both parties exit their relationship with sufficient resources to thrive.

What can be classified as martial property during a divorce?

Property subject to marital distribution is not identified by what it is, but rather by how it is owned. Generally, separate property is the property that an individual acquires before he or she is married, that he or she does not comingle with his or her spouse, or property that he or she gets after he or she is married but that he or she acquired with his or her own separate money. A New York couple can own property together if they acquired it during their marriage or if it starts as separate property but use it in support of their marital relationship.

We will help you fight for your property during divorce

Even though a divorce is the legal termination of a marriage, there are many divorce-related matters that formerly married parties must continue to address after their unions end. In New York, former couples may find themselves renegotiating child support payments or the schedules on which they share custody of their kids. They may even need to return to court to modify or end the payment of spousal support from one former partner to the other.

Know your rights regarding non-marital property during divorce

Some couples live their marriages by the axiom, "What's mine is yours and what's yours is mine." While this share-all concept of living may seem like the most accommodating way for two people to merge their lives, it can present some issues for New York couples who choose to end their relationships through divorce.

Divorce can put into question ownership of inheritance

When a New York resident makes a plan for his personal estate, he may include distributions of money or property to those individuals who he loves. When he passes on, the people that he has identified in his will or estate plan may receive, subject to state probate and intestacy laws, the items identified for them by the decedent. An inheritance generally passes only to the individual identified in the estate plan and not equally to that individual and his or her spouse unless such an arrangement is contemplated in the estate plan.

Equitable and equal have different meanings in property division

Different couples may have different ideas about what constitutes fair when it comes to the financial aspects of ending a marriage. Some may feel that everything a couple acquires should be divided in half and shared equally among the soon-to-be former partners. Others may feel that they are entitled to everything that they financially provided during the tenure of the marital relationship.

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