Divorce in Queens, New York, means a lot of things for the family going through it. It means that two individuals who previously lived as a unit will be moving on with their personal lives separately, and it also means that whatever assets or children this couple shares, will have to be divided equitably so they can both continue to enjoy what is rightful there’s even though they have decided to no longer live together.
New York follows an equitable distribution law when it comes to distributing assets after a divorce. This means that each partner will receive as much of the assets as they deserve, and the assets will not necessarily be divided completely in half by the court. The judge will examine a variety of factors to see which spouse is more deserving of the assets they accumulated while they were married.
Whatever the judge sees as most fair is how the assets will be divided after the divorce and they will not be given 50/50 between the spouses. The first step for the assets being divided fairly is a proper valuation taking place. How much property is shared between the spouses as well as how much belongs to each person must first be determined before a final decision is made.
Important factors that influence how the assets will be divided include:
- How long the marriage was
- The income of each spouse
- The property owned by each spouse
- Whether or not spousal support was given
- The earning capacity of the spouses
- The age and health of the spouses
- The nature of the assets involved
New York was previously a common law property state which meant that the house would be given to the individual who had their name on the paperwork, however, the situation has changed now and all the above factors- and many more are now considered when deciding who gets to keep what after a divorce.
What can be kept during a divorce in Queens, New York
Any separate property that a person owned before getting married can be kept and is free from being included in the asset division. Any money received as a gift or as inheritance is also free from being divided. Money acquired from a personal injury can also be kept and will not be divided.
If the couple previously had a prenuptial agreement, then what was decided in that paperwork will be prioritized as well.
Get in touch with a divorce lawyer at Zolotlaw to determine what assets a person is entitled to during their divorce.
Reach us at:
37-06 82nd Street
Jackson Heights, NY 11372
Phone (718) 779-6545
Fax (718) 779-6640