Community Property In New York
Initially the state of New York was known as a community property state, meaning that the property of spouses was divided according to whose name was on the title of the property. This means that even if both parties had paid into the mortgage, the individual whose name was on the title would receive the house. However, New York’s distribution of property rules now are based on equitable distribution.
Equitable Distribution In New York
The purpose of equitable distribution in a divorce is to ensure that it is fair with respect to the contributions that each spouse has made to the marriage and what each party will need after the split. A judge considers numerous factors in order to evaluate the equitable division of property which may not necessarily be equal.
Are you worried about receiving a fair division of property award?
If so, you need an attorney who understands all the factors considered and one who can take you through your case.
Factors To Consider In Your New York Divorce Case
Some of the factors considered by the judge in an equitable division of property include the age and health of each spouse, the future financial needs of either one of these spouses, whether or not a spousal support or alimony award has been given, the domestic requirements of each custodial parent, the property and income of each spouse at the time of their marriage and date of the divorce filing, and more.
Property and Debt Considerations
Those parties who are questioning of their rights in the division of property should also realize that property is divided as well as debt. This means that you could walk away from the marriage with a substantial amount of property or debt.
It is also important to consider the types of property that you may be eligible to receive in an equitable distribution. Some of these types of property might not be liquid, meaning that it can be extremely challenging for you to unload these pieces of property quickly if you were to need to do so.
Get Experienced Advice
It is important to understand all of the elements involved in your Brooklyn divorce as well as how equitable distribution works. Speak to an experienced Brooklyn Divorce Lawyer for assitance as soon as possible and ensure that you protect yourself.Posted in : Divorce ,