How is Property Divided in Divorce?
Divorces are hard. There is a lot of information to understand, and there is often plenty of situations, both financial and emotional, to settle. When you’re going through a divorce, it’s vital you know what you’re responsible for, as well as what you have a right to throughout the process. New York, unlike other states in the US, is an equitable distribution state. When a state is an equitable distribution state, this means that the property shared in a marriage will be fairly and equally divided between spouses in the case of a divorce. If you and your spouse are unable to come to a compromise without the courts, the courts will then become involved and decide how to equally separate assets.
What Property is Divided in Divorce?
In a divorce, the court must be aware of which property is considered each individual versus which is marital property. Generally, marital property refers to any property that was acquired throughout the time of marriage. This does not include specified property like inheritance or gifts explicitly named to a specific individual. Additionally, any property that was acquired prior to marriage is considered separate property.
There are a few exceptions, though. For example, if your property was acquired prior to marriage but built upon throughout the marriage, the increase in value due to the renovations become marital property. This is not the case for natural property value increase.
It’s important to understand that the court can take into consideration the financial resources of both you and your spouse when deciding how to divide property equally. Thus, if either of you have separate property and marital property, this will be considered in the alimony and is known as spousal maintenance. If you have questions about division of property or assets in a divorce, contact Rochester divorce lawyer Michelle Cimino for a free confidential consultation.
What’s Considered in Division of Property?
When discussing property division in divorce, it’s important to know the common forms of property first. Typically, in a divorce, the property being divided are family homes, personal property, and intangible items like income and debts. In the courts, they will determine whether these are separate or marital assets and create a plan to disperse the marital assets equally.
There are many factors considered by the courts when there is a division of property being established. Some of the most common factors considered include the length of the marriage itself, the age, health, income, and earnings of both you and your spouse, and how each spouse contributed to the acquisition of this marital property. Each of these helps determine the future of each spouse.
Above, the idea of spousal maintenance was mentioned. Essentially, spousal maintenance is the payment to one spouse from another in order to assist the recipient’s ability to sustain themselves after divorce. Payments can be determined within a lump sum or periodic payments. After property has been separated, spousal maintenance is determined.
Want To Learn More About How Property Is Divided in Divorce?
Divorces are complicated. If you can’t come to a decision with your spouse about the splitting of property equally, the courts will step in and help you settle the divorce. Because New York State is an equitable distribution state, the courts will ensure everything gets split evenly and fairly. This process can be confusing for some, though, as it’s quite complicated and easy to get manipulated within. If you want to protect your assets and ensure you receive what you’re legally inclined to, hiring a lawyer may be best for you. The Cimino Law Firm is here to help.
Get Help From An Experienced Rochester Family Lawyer
Attorney Michelle Cimino has over 20 years of experience in family law and is sure to get you what you deserve in your divorce settlement. Instead of living with regret and fear of your divorce, take the bull by the horns with an experienced lawyer today!
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