Answering Your Questions About Asset Division
Asset division is a major aspect of any divorce proceeding. In some cases, you and your ex may be able to largely agree on how to divide your property. In other cases, the division can be significant. Regardless of which type of situation you find yourself in, you likely have many questions regarding property division. The following are some of the frequently asked questions our attorneys encounter.
It is important to keep in mind that everyone’s situation is unique, and nothing can replace the type of advice you receive from meeting face to face with a lawyer. To schedule an initial consultation at The Arquette Law Firm, PLLC, call us at 518-373-9300.
Will the property be divided 50/50?
Not necessarily. New York follows the legal doctrine of equitable distribution. This means that property will be divided in a way that is equitable, which does not mean the same thing as equal. Basically, all marital property is subject to division.
Simply put, marital property is anything that is bought during the course of the marriage, regardless of whose name is on the property. This may include pension plans and other retirement benefits. Separate property, or property that was owned by either party prior to the marriage, is not subject to division. However, separate property may become marital property during the course of the relationship.
How can separate property become marital property?
Separate property can be considered marital property whenever assets are commingled. For example, if one party enters into a marriage with a separate savings account and the other party begins depositing money into or otherwise begins using this account, it can take on the characteristic of marital property. In general, the only things that cannot be turned into marital property are gifts received prior to the marriage or inheritances. Of course, there are exceptions to this rule as well.
What types of factors are used to ensure a fair division?
The court may consider a number of factors to help ensure a fair and equitable division, including the separate income level of each party, the age and health of each party, whether spousal support is expected to be part of the divorce decree, and the anticipated future financial needs of each party.
Contact Us With Your Questions
For answers to your specific questions concerning property division, speak with us. Call us at 518-373-9300 or contact us online to schedule an initial consultation. Our firm is located in Clifton Park, and we serve clients throughout the Capital District and surrounding areas.