Brooklyn, NY – New York courts have a number of rules and doctrines that affect property distribution. This issue is most important for couples who have a large amount of assets, investments, and high income during the course of the marriage. In most of these kinds of divorces, both spouses retain a lawyer who will advocate on their behalf to keep as much of the assets and property as possible.
Policies related to property division in family court
New York courts will accept any agreement from the parties, or property distribution that they consider to be “fair and reasonable.” This is considered an equitable distribution, and many states use similar doctrines that essentially allow the judge to use their discretion to decide what they think is fair. For these reasons, it can be difficult to predict exactly how property distribution will be decided unless the attorney is familiar with the local judges and family courts.
The property that was acquired from the date of the wedding through the end of the marriage will almost always be considered marital property. This marital property is subject to division based on the court’s discretion. Anything that was acquired by a spouse individually before or after the marriage can be protected from distribution as separate property, which is not subject to the court’s jurisdiction and can remain with the spouse who owns it.
There may be some situations where a spouse’s separate property has been mixed with the marital property and assets, due to a number of different reasons. When this happens, the property that has been mixed becomes marital property. There is also the possibility that some property obtained during the marriage, but kept separately by a spouse cannot be touched by the courts.
The house that the couple lived in during the marriage is always important to the finances of both spouses. The options available during a divorce include selling the house and splitting the profits, or one spouse refinancing the house and essentially making it their own while taking on additional financial obligations.
Related divorce issues
In addition to real and personal property issues, divorcing couples are often concerned about child custody, alimony, child support payments, and other legal decisions that could affect their lifestyle. Because of these serious changes in a person’s standard of living, it is important to get advice from an attorney throughout a divorce and supplemental hearings.
Learning more about the divorce process
There are attorneys in Brooklyn who assist clients with retaining their property and getting through a divorce without any kind of serious disruption or problems. Elliot Green Law Offices assists local clients with the process of separation.
Firm contact info:
32 Court Street, Suite 404, Brooklyn, NY, 11201