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.
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.
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.
There are many contentious topics that can come up during divorce proceedings, but some of the most difficult ones have to do with property division. It’s one thing if you have to decide who gets the kitchen table or the family car. It’s a whole other ballgame when you are splitting up the family business.