When you’re seeking a divorce, there are many issues that need to be resolved before the two of you can go your separate ways. Likely, the most contentious issue for you will be child custody arrangements if you are a parent. However, a close second will probably be the process of asset division. Dividing assets fairly is key to ensure a good future for both divorcing spouses.
State law dictates a large part of how assets are divided, but you will still have the power to influence the court’s decision by making certain arguments. To do this successfully, you will need to have a good understanding of the law and how the divorce courts make their decisions. The following is an overview of how marital assets are divided in New York.
Equitable distribution is followed
Some states follow the legal theory of community property, which means that marital assets are split equally between spouses at divorce, regardless of the circumstances. However, New York is not one of these states. Instead, New York follows the principle of equitable distribution, which means that the courts consider many different factors to establish the fairest way to divide marital assets between spouses.
What factors are considered?
First, the courts willof each spouse on the date of marriage and the date of divorce. They will also consider each spouse’s age and health, considering whether either is likely to need long-term health care in the future. They will take into account the domestic requirements of the custodial parent, whether alimony will be awarded, and what type of financial needs each spouse will have in the future.
Taking into consideration all of these factors, the courts will try to divide assets fairly so that no spouse suffers financially as a result. If you are, make sure that you take action so that you have the best possible chance of influencing the process.