Property Division in New York Divorce
How is property divided in an uncontested divorce?
When married couples divorce in New York, the division of assets and debts is directed by the legal principle of equitable distribution. Under equitable distribution, the goal is not to make an even 50-50 division of the marital estate. Instead, the goal is to reach an arrangement which is fair, even if it is not strictly equal.
There are several different factors which a family law judge will consider when determining whether or not a proposed settlement agreement meets this standard, including:
- Each party's current income
- The duration of the marriage
- Each spouse's health
- Which parent will receive child custody
- Whether either party will be ordered to pay spousal maintenance
- Each spouses contributions to the marital estate, including services provided as a homemaker and support rendered in career building
- What each party's financial circumstances will be after the divorce
What Will Be Divided?
Generally speaking, the things you owned before you got married will not be subject to division in the divorce, but this is not true of assets you acquired during the marriage. All marital property is potentially subject to the claims of the other spouse. Another factor that may complicate the matter is that some assets may have increased in value since you married, and the amount of this increase may be considered as marital property. If, for example, you owned a house or a business before you took your vows, your spouse may be able to lay a claim against any value that has accrued to the asset in the time since then.
A New York City Uncontested Divorce Attorney Helping You Avoid a Difficult Divorce
Complexities such as these can often make the division of property a highly involved process, and when you add in the heated emotions of both parties, there is a high potential that the case will turn into a contested divorce. If you are anxious to avoid such an outcome, come to H. Benjamin Perez & Associates, P.C. for help from a New York uncontested divorce lawyer.
Contact us now for a free case evaluation to review the situation and learn more about how we can help.