Know Your Legal Rights in New York City
A New York City Uncontested Divorce Lawyer Can Help
When married couples divorce in New York, the division of assets and debts is governed by the legal principle of equitable distribution. Under equitable distribution, the goal is not to achieve a strict 50-50 split of the marital estate. Instead, the objective is to reach an arrangement that is fair, even if it is not precisely equal.
A family law judge will consider several factors when determining whether a proposed settlement agreement meets this standard, including:
- Each party's current income
- The duration of the marriage
- Each spouse's health
- Which parent will receive child custody
- Whether either party will be ordered to pay spousal maintenance
- Each spouse’s contributions to the marital estate, including services provided as a homemaker and support rendered in career development
- The financial circumstances each party will face after the divorce
Generally speaking, assets you owned prior to marriage are not subject to division in a divorce. However, this is not the case for property acquired during the marriage, which is typically considered marital property and may be subject to division. A complicating factor is that some separate assets may have appreciated in value during the marriage, and the increase in value may be deemed marital property.
For example, if you owned a house or business before getting married, your spouse may have a claim to the portion of the increased value that accrued during the marriage.
Complexities such as these can often make the division of property a highly involved process. When combined with the heightened emotions of both parties, there is a significant risk that the case will escalate into a contested divorce. If you are looking to avoid such an outcome, contact H. Benjamin Perez & Associates, P.C. for assistance from a knowledgeable New York uncontested divorce lawyer.
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