New York Divorce Law Division Of Assets
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How to fill out New York Divorce Worksheet And Law Summary For Contested Or Uncontested Case Of Over 25 Pages - Ideal Client Interview Form?
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FAQ
New York courts must divide the marital property ?equitably.? That means fairly, considering the circumstances of the case and of the parties involved, but it does not necessarily mean ?equally.? There is no statutory requirement of a 50/50 split of marital property.
Whilst it is possible to finalise your divorce or civil partnership dissolution without sorting out the financial arrangements, it is not usually recommended. Simply terminating the marriage or civil partnership does not prevent either party from claiming financial provision.
How are assets divided in divorce? The starting point is to add up the value of all the matrimonial assets, and divide them . This is called the 'yardstick of equality'. That 'yardstick' can move in favour of either of you because splitting everything equally isn't always the same as splitting them fairly.
Division of Debts in a Divorce A couple's debts may also be divided. In New York, debts are divided with the same principles of equitable distribution that the courts use in dividing a couple's assets. Which means that like marital property, only marital debt is subject to equitable distribution.
During a divorce, one of the first things you should do is to open a new individual checking account, and consider opening a new savings account as well. Use the new account for all your own personal future deposits and expenses, as the old joint accounts will need to be properly split between both spouses.