How Do New York Courts Divide Money in a Divorce?
Going through a divorce is almost always a turbulent time in a person’s life. Whenever a person gets a divorce, they have a lot of things to consider, as divorce is a legal, financial, and, of course, emotional process. One of the most common questions our legal team is asked when a person is going through a divorce is “how do courts divide the money?” This is a good and natural question to ask, which is why below, we’ve provided an answer. Please continue reading and reach out to a seasoned Rockland County divorce attorney to learn more about how money is divided during divorce and how our legal team can help you through the process ahead.
How does money get divided in a New York State divorce?
First, when dividing assets during a divorce, courts will have to determine what property is marital property and what property is separate property. Essentially, marital property is property accumulated over the course of a marriage, and it is typically subject to equitable distribution during a divorce. On the other hand, separate property typically includes property that was acquired either outside of or prior to marriage, such as gifts or inheritances, and is typically not subject to equitable distribution.
Some of the most common examples of marital property include the marital home, vehicles, and, yes, assets held in bank accounts. In most cases, the money you own will be subject to equitable distribution. When determining who gets to keep these assets, courts will consider a broad range of factors, including:
- Each spouse’s yearly salary
- The value of their home
- The value of assets held in bank accounts
- Retirement plans in place
- The spousal support agreement in place
- The child custody/support agreements in place
- The standard of living established over the course of the marriage
Can I protect my assets from a divorce?
Yes, you can. To start, if you’re not yet married, you can draft a prenuptial agreement, which can outline what will happen with certain assets, should you ever get divorced. If you’re already married, you can no longer draft a prenuptial agreement, but you can draft a postnuptial agreement, which serves the same basic purpose. If you would like to draft either of these agreements, or you’re about to begin the divorce process and need a legal team you can depend on, give us a call today.
Contact Our Rockland County Family Law Firm
If you are faced with a family law matter in Rockland County, contact The Law Office of Peter L. Jameson, PLLC today to schedule a consultation.