Divorce

New York Property and Debt Division in Divorce.

Yesterday we talked a bit about property division laws in divorce, and how they vary state to state.  There is community property in a divorce, where things are pretty much split right down the middle and equitable distribution in a divorce where the divorce courts take a look at many different things when dividing property in a divorce.  New York is an equitable state. Here is what the divorce courts look at when deciding who gets what in the divorce.

*  Divorce courts look at what both spouses are making at their current jobs, to determine what spouses can afford what in the divorce.

*  Divorce courts take a look at  how long the marriage was.

*  Divorce courts take a look at medical and health care cost for the spouses and if there is any special needs.

* Divorce courts, if there are children involved. take a look at who is the custodial and non custodial parent in the divorce.

*  Divorce courts look to see if there is any loss of pension through the divorce.

*  Divorce courts look to see if there is alimony being awarded, and for how long, that can also determine who can afford what in a divorce.

*  Divorce courts take a look to see if there will be any tax consequence in the divorce.

There will again and can be many more factors involved when separating debt and property in a divorce, but remember there are things still considered to be your property in a divorce, if it has not been commingled with marital property.  It really is important to keep all your paper work on things, even though in a lot of divorce cases you do  not see that, but here is what is considered to be marital property in a divorce, again if not commingled.

Things that you had before you were married. can be furniture, things from your family, inheritance, and gifts, but again keep those separate, they can not be in a joint account.

Also anything that has produced a separate income, an investment or business, but again can not be in a joint account.

So it is important to keep things separate even going into a marriage.