In the event of a divorce, property division can quickly become a significant bone of contention. Dividing marital assets is one of the major steps in the divorce process, and often, it can be impossible to come to an agreement. At Simonetti & Associates, our divorce lawyer in Remsenburg is here to help you better understand the complexities of marital property and minimize the stress of your divorce. Continue reading to learn more.
How Is Property Divided During A Divorce?
New York is an equitable division state, meaning that marital property will be divided equitably in the event of a divorce. However, equitably does not mean equal. All marital property will be split up in a fair manner. The court will base its decision on an equitable division of the assets on several different factors, including:
- Alimony award.
- Each spouse’s income throughout the marriage and at the time of divorce.
- Age and health of each spouse.
- Length of the marriage.
- Future financial needs of each spouse.
What Is Marital Property?
It’s important to note that only marital property is subject to equitable division by the court. Separate property will stay in the possession of the respective owner. Marital property includes property that either spouse acquired during the marriage, such as income, property purchases, appreciation of the property, and retirement benefits. Marital property is defined as any property obtained during the marriage except for:
- Property acquired by legacy, gift, or descent.
- Personal injury damages.
- Property acquired before the marriage.
- Property gained by a spouse after legal separation.
Time can magnify the issues surrounding marital property division. Commingling is more likely to occur in longer marriages, so more documentation will be needed to support your claim. Dividing marital property can be a long and contentious process, so it’s essential to have an experienced divorce lawyer in Remsenburg on your side. We’ll help you navigate the complexities of equitable division and protect your assets throughout the process.
Get in Touch with our Divorce Lawyer in Remsenburg
Division of marital property is a critical component of the divorce process that can have significant financial repercussions for all parties involved. At Simonetti & Associates, our divorce lawyer in Remsenburg will fight to protect your rights during divorce proceedings and help you achieve a favorable outcome. Be sure to contact us today to schedule a consultation.
