The courts of New York follow equitable distribution laws when it comes to dividing up marital property. Past posts on this blog have discussed how these laws seek to preserve fairness in the division and assignment of marital assets. However, marital property is only one kind of property that must be addressed when a marriage ends. Non-marital property must also be identified and, in some cases, may be disputed when couples elect to pursue a divorce.
When two people want the same thing they may look for a fair way to resolve their disagreement over which of them should possess the coveted item. In New York, courts take the same general approach when they attempt to divide up the property that two married people owned before their relationship ended in divorce. This process is called equitable distribution and the remainder of this post will provide a brief discussion of how it is implemented during the property settlement process.
New York residents love their family pets. Many consider the pet an essential part of the family. But, when it comes to a divorce, the family pet is considered property and this ends up being a big bone of contention in many separations.
With one's emotional and financial future on the line, the family law issues that arise during a divorce often end up becoming highly contentious. Whether the divorcing New York couple has children or not, property division is one of the most disputed couples. Some assets may have a high monetary worth, while others have sentimental value. Evaluating assets can be a difficult, but an essential part of the divorce process.
Using a credit card for daily expenses has become more and more common, especially now with smartphones allowing you to go through checkout lanes with only a flick of the wrist. The reliance on the card increases as credit card companies create incentives to keep using it, resulting in credit card debt accumulating if payments are not made in full. While a New York couple is married, the payment of the card usually comes from joint expenses and both parties are responsible for it. But, what happens when a couple is ending their marriage -- how is credit card debt split?
With the raging popularity of cryptocurrency, the term Bitcoin has become a regular household term for many. Known as a peer-to-peer electronic cash system, it gained popularity because users could transfer money to one another directly without the need for a go-between, like a bank or governmental authority. Users are assigned a string of numbers which becomes the address of their wallet where their Bitcoin is stored. The anonymity of the currency is one of its greatest appeals, especially for people looking to hide their assets during a divorce.
When it comes to splitting assets in a divorce, the framework is relatively straightforward: marital property is divided but separate property is generally given to the individual spouse it belonged to originally. Technically, art is no different from pots and pans when it comes to property division, but the reality is that the law is not clear-cut when it comes to artwork's divorce in the divorce process.
New York residents may be aware with the commonly perpetuated myth that the younger generation is hesitant to get married, but this is not entirely true. It is more accurate to say that they are waiting until they are older before tying the knot, as20 percent of people aged 18-30 were married in 2016 compared to 40 percent of Baby Boomers when they were the same age.
Home may be where the heart is, but when it comes to a divorce it is quite the issue to contend with. Sometimes each party has an emotional tie to the home, pitting one spouse against the other when it comes to property division. However, there are key things to think about -- and choices you have -- when it comes to dealing with the family home in a divorce.
When New York residents are getting their business off the ground, have invested minimal money and put countless hours of sweat in it, they hope, but never expect, it to become highly successful. Which is why they do not take precautions in protecting their businesses against a divorce. With around 50 percent of marriages ending in divorce, there is a very real possibility that a business owner may lose their business to their ex, or at the very least, have to become business partners with them. What can one do to protect their business assets against property division if there is no prenuptial agreement in place?