When couples file for divorce in New York, they may feel overwhelmed while attempting to negotiate the terms of the divorce settlement. Whether couples are creating their own settlement through mediation or going through a traditional courtroom divorce, it is necessary to divide all marital property between spouses. In order to do so, however, it is critical to know what the different types of marital property are so that people can get everything they are entitled to in the divorce settlement.
New York law does not require that you split all of your assets in half with your spouse when you get a divorce. In fact, there are only a few states that abide by 50/50 rules. Even in these jurisdictions, your split would probably not be a simple half and half due to other legal concerns.
No one wants to imagine their marriage will end in divorce. Unfortunately, this is a very real possibility for couples in New York, and it's important to ensure your assets remain protected when you enter into a union. CNBC explains the value of prenuptial agreements and how to ensure your document offers the greatest level of protection possible.
When you divorce in New York, the court divides every asset you own. This may include things that you may not think of, such as insurance policies. An insurance policy can be very valuable. In some cases, the court may even include such insurance policies in alimony awards, according to Insure.com. You want to be sure that you take the right steps to protect any policies you have and make sure you get access to any policies in your divorce.
Property division is complicated, and the complexity of New York law is not entirely to blame. Divorce is an emotional time, and those feelings would typically cloud your decision-making during negotiations. You would probably have one impulse telling you to try and keep everything and another urging you to leave it all behind.
You cannot always put a monetary value on everything you own because some items or assets are too precious to you to lose. However, if an East Aurora divorce looms on the horizon, you fear you might end up parting with your prized possessions when your assets are divided. If you hold this fear, know that you have ways to fight for an asset that holds great sentimental value.
When it comes to divorce, one of the important aspects is the division of property. There are two kinds of property distribution, but each state sets its own standards. New York is an equitable distribution state, which according to the Huffington Post is what most states in the country are. The other is a community property state, of which there is only nine in the country.
If you are getting a divorce in New York, then one concern will be how your property is divided. According to the New York City Bar, marital property is generally divided, but not all property you have is considered marital property. It depends on when and how it was acquired.