What are some important facts to know about property division during a divorce in New York?
Brooklyn, NY – Property division is usually one of the longest, most confusing, and most frustrating parts of a divorce case. This is because most people are reluctant to part with things that they have paid into over the course of years or decades such as a home, cars, or investments. Contested property can become a bitter issue that results in multiple court hearings. Because of the potential for problems and lengthy litigation, it is important for each person to have representation from their own experienced lawyer.
Assets will be frozen
Most of the couple’s shared property is frozen during the early stages of the divorce case. This is meant to be a safeguard against one spouse suddenly having a spending spree so that they do not have to divide their assets according to the court’s order, or move assets for the purpose of hiding them. There is an exception made for the payment of necessary bills such as mortgages and utilities, but the court will try to prevent any kind of significant and unnecessary spending or liquidation of marital property.
Classification of property
If one party to the divorce can conclusively prove that an item or asset is their own separate property, it will not be subject to division. However, much property that is examined during the divorce case will likely be considered marital property and subject to the court’s authority. There can also be scenarios that are unclear, such as when one spouse started paying for a piece of personal or real property after the marriage, even if it was owned by the other spouse before they were married. There are often complexities related to investments and retirement accounts, and how they should be divided as well. A person’s taxes can also change significantly during he divorce year and immediately following.
Standards of equity
The law in New York says that family court judges should try to make an equitable division of marital property between the spouses. This does not necessarily mean an equal split, but it does mean that a judge tries to aim for fairness. However, the judge still has a lot of discretion and what the judge considers to be equitable may be very unfair from one spouse’s perspective. This is why legal representation is so important during the property division phase, as the family lawyer can try to contest unfair property division.
New York divorce attorneys
Elliot Green Law Offices is available to help with the process of divorces, child custody hearings, alimony payments, and other related legal matters. Anyone who has upcoming family law issues can contact the firm and schedule a meeting with an attorney to learn more.
Firm contact info:
32 Court Street, Suite 404, Brooklyn, NY, 11201