What Assets Am I Entitled to in a New York Divorce?

What Assets Am I Entitled to in a New York Divorce?

In order for a divorce to be official, the two lives that were brought together are required to be separated. This is clearly not an easy process. When spouses enter this situation, they often wonder what assets they are entitled to when the court divides them between both parties. The division of assets can determine anything from which spouse can keep the family house to how one spouse can financially support themselves. During these situations, it is important to retain the services of an experienced New York divorce attorney to learn more about the process going forward. 

What is Litigation?

Sometimes, couples are unable to agree to the terms of their divorce by themselves. This is classified as a contested divorce. In these situations, the spouses may need to go to court and allow a judge to make these decisions for them, otherwise known as litigation. During this time, the couple’s assets will be subject to equitable distribution. This divides their assets fairly between the both of them. 

When it is left to the court to decide where the assets go, the judge considers a variety of factors regarding the marriage. This includes both spouses financial situations, if they have children together, the length of the marriage, and more. For example, financially dependent spouses may be awarded a larger portion of assets to stay stable after a divorce. The court also factors in if alimony or child support payments are owed by one spouse. Often times, spouses are dissatisfied with litigation, as they do not always receive the assets they would have liked. 

What Assets are Subject to Equitable Distribution?

Through the duration of a life, people acquire a variety of different assets. This can be either before a marriage or during it. In litigation, the court uses this to decide which assets belong to who. It is designated by marital and separate property. Marital property consists of assets that were acquired during the marriage while separate property is assets that were acquired before it. This can consist of any real estate, automobiles, bank accounts, etc. If the couple runs a business together, they may need to consider the status of that as well. Spouses should fight for the assets they are entitled to, which is why a skilled divorce attorney should be contacted for assistance in doing so.

Contact our Firm

The Law Office of Peter L. Jameson, PLLC understands the harsh implications of relocation can have on a child and his or her parents. When you have a contested relocation matter, it is important to have an experienced attorney to represent you in court. If you are faced with a relocation matter in Rockland County, contact The Law Office of Peter L. Jameson, PLLC today to schedule a consultation.