How Are Marital Assets Divided in a Divorce?
When you are facing a divorce, it can be financially overwhelming. It is important to understand how the marital assets are to be divided. It is also essential to seek the help of a lawyer who can fight for your rights and ensure that you are treated fairly during the asset division process.
Under New York law, the court has broad power to distribute the property of either or both of the parties. The court must determine an equitable distribution of marital property. There are a number of factors the court considers in determining how the marital property should be distributed, including:
- Length of the marriage
- Health and age of the parties
- The parties’ income and property at the time of the marriage compared to the income and property at the time of divorce
- If children are involved, the needs of the custodial parent to maintain the marital residence
- Amount of any alimony awarded
- Probable future circumstances of each party
- Waste of assets of either spouse
- Existence of other factors
Most couples can reach an agreement when it comes to dividing personal items such as clothing and household items, but disputes often arise as the assets increase in value. It is imperative that your attorney protects your interests in complex assets such as real estate, businesses, retirement accounts, pension plans and other investments. Additionally, you want to ensure that you do not end up with an unfair amount of the marital debt.
If you have questions regarding the division of assets in a New York divorce, contact Lauren B. Abramson, Esq. for answers.