New York Common Legal Terms — Matrimonial/Divorce Matters is a set of legal terms that are commonly used in matrimonial and divorce proceedings in the state of New York. These terms help to define the rights and obligations of the parties involved in the divorce proceedings. The main types of New York Common Legal Terms — Matrimonial/Divorce Matters include: • Alimony: Alimony is a court-ordered payment from one spouse to another to help support the other spouse after a divorce. • Child Custody: Child custody is the legal arrangement wherein one or both parents have the legal right to make decisions regarding the care and upbringing of their children. • Child Support: Child support is a court-ordered payment from one parent to another for the care and upkeep of their children. • Division of Property: Division of property is the process of dividing all the shared property and assets of a married couple after divorce. • Equitable Distribution: Equitable Distribution is the process of dividing all the shared property and assets of a married couple in a fair and equitable manner. • Separation Agreement: A separation agreement is a document that outlines the terms of a couple’s separation or divorce. • Spousal Maintenance: Spousal Maintenance is a court-ordered payment from one spouse to another to help the other spouse maintain their standard of living after a divorce.
New York Common Legal Terms - Matrimonial/Divorce Matters
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FAQ
New York's equitable distribution law specifies that you are entitled to a division of all ?marital property? assets that were acquired during the marriage. With few exceptions, marital property generally includes both spouses' income, purchases made with that income, and retirement benefits.
Marital Property: all property either spouse bought during the marriage, regardless of whose name is on the property. Pension plans and other retirement plans are considered marital property. The portion of marital property earned during the marriage will be divided by the court.
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.
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.
New York is not community property or a ?50/50? state. New York is an equitable distribution state for property and debt. Under NY divorce law for property distribution, the court will decide how to divide property and marital debt using the state's equitable distribution laws.
Under New York divorce laws, it generally does not make a difference who files for divorce first. The party who initiates the divorce proceedings is known as the petitioner, while the other party is known as the respondent.
In some cases, the home may be sold. The proceeds of the sale would then be split between the spouses. Other times, one spouse may want to retain possession of the house and a buyout is arranged. The spouse who wishes to retain the home will buy out the ownership interests of the other spouse.
In New York, marital property is determined ing to the rules of ?equitable distribution,? which requires marital property to be divided along lines that are considered fair to each partner, either by their own agreement or through court intervention.