Ending a marriage is never easy. Whether you suffer emotionally or financially, you’ll probably need a reliable legal representation to help you end your marriage accordingly. When a couple divorces in New York, they need to divide assets, and judges usually divide the property equitably. The judges determine this as fair property division, considering what each spouse has contributed to the marriage and what they will need to move forward. Hiring an attorney can help you determine the best options to handle the situation and reach a favorable outcome.

Here’s more about diving property in a New York divorce situation.

How do you divide property during a divorce?

Divorcing couples usually have to reach an agreement where they meet both of their needs in property division. The court encourages couples to work together to decide how to split their assets as well as debts. However, if a couple cannot reach an agreement, the judge can determine if each piece of property belongs in the marital or separate categories.

You can also consider mediation, an alternative dispute resolution method for your NYC divorce. It is a popular method where a neutral third-party mediator, usually a family law attorney, keeps the conversation focused. The mediator also acts as an overseer to the divorcing couple’s private negotiations.

So, make sure you hire a legal advocate for your NYC divorce to help you determine the best approach to the complex questions involved in your case like property division, alimony, and such. Keep in mind that hiring an attorney will give you peace of mind and a layer of security protecting your interest during this difficult process.  

Equitable distribution

An experienced mediator will guide you through the process of property division and provide reasonable resolutions through means of equitable distribution. This is a method for dividing a married couple’s property and debt when they decide to end the marriage. The goal is to divide the property as fairly as possible.

Couples can discuss and choose how they will allocate the assets and debts based on a variety of factors. Duration of the marriage, income, and property of each spouse, the liquid and non-liquid nature of the property involved, and other factors are some of the few concerning ones when dividing property. The couple can also choose to fairly sell the property, and divide the sale proceeds.

Note that it would be better to hire an experienced NYC real estate lawyer to help with this process. For example, if you don’t want to waste time on meetings and paper documentation, visit www.avenuelawfirm.com to access a digital way of doing real estate business. You can reach out to them 24/7 and they also keep up with local markets to ensure your sale or purchase is in your best interest.

Types of assets

Under NYC divorce laws, courts usually divide marital property, and spouses get to keep their separate property. In most cases, the couple can reach an agreement on a property division that meets both of their needs.               

Marital property

Marital property includes all property acquired during the marriage, by both spouses, regardless of who bought it. This can include each of the spouse’s income earned during their marriage, property purchased with that income, retirement benefits, etc. An NYC court will divide the marital property between the spouses fairly and equitably. Keep in mind that the division doesn’t have to be equal to be considered fair.

Separate property

Separate property belongs to one spouse. It can be a property inherited or acquired before the marriage or during the marriage. In the state of New York, this type of property includes assets that were received individually as a gift or inheritance, property acquired before the marriage, or any property characterized as separate property in a prenuptial agreement. Additionally, the compensation you received for personal injuries is not related to earning capacity or loss of wages during the marriage.

Marital debts

In addition to dividing marital or separate property, the court can also assign each spouse an equitable portion of marital debts. For example, marital debts are considered a joint concern since they have been gathered during the marriage. Separate debt, on the other hand, belongs only to the spouse who incurred it. According to New York law, the divorcing couple will be able to choose between settling the responsibility for a debt before filing for divorce in mediation.

Alimony

Alimony is a payment from one spouse to the other to help cover their expenses as well as their children’s after the divorce. Similar to property division, the court’s order for this must be equitable. The payments for spousal maintenance can be periodic, for example, monthly, or in a lump sum and for an indefinite period. In NYC, judges base an award for alimony on many of the same factors as property division.    

In closing

There are also other factors to consider when dividing property including squandered marital assets, age and health of the spouses, and the needs of their children. The court usually has many factors to consider, and there are no ironclad criteria for determining what’s fair. Keep in mind that even if you decide to separate with your partner on good terms and come to an agreement, you’ll still need an attorney to make the process easier and make you feel secure.