New York and Connecticut Division of Assets Lawyer
Divorce is common in the United States. In fact, the Encyclopedia of Psychology estimating that between 40 and 50 percent of first marriages end in divorce. That number only increases with second and third marriages. In any divorce, one of the central questions is how the property owned by the married couple will be divided.
If you are facing the proposition of a divorce, it is important to contact a practiced divorce attorney who understands how a division of property decisions in New York and Connecticut work. A New York and Connecticut division of assets lawyer can help you protect your property and seek an outcome that suits your personal needs.
How Assets Are Divided in New York and Connecticut
New York is an equitable division state. This means judges may seek to divide a couple’s assets as fairly as possible. Contrary to what many believe, this does not always mean that property is divided equally down the middle. Instead, an equitable division of assets may consider what each spouse needs to progress comfortably in life as well as what they each contributed to the marital assets.
Equitable division states are different from common law property states. The latter divides assets according to the name under which the asset or property is registered. If an asset is legally under one spouse’s name and not the other, the property may go to the spouse named on the legal deed. However, this is not always fair to the other spouse and may result in an unfair or inequitable division of assets. Therefore, equitable distribution states such as New York look more closely at how to divide assets fairly while still considering each spouse’s contributions to the marriage.
How Courts Determine What Assets a Spouse Receives
As an equitable division state, New York may consider several factors when deciding how to divide a divorcing couple’s assets. They may examine each spouse’s age and medical needs, the level of income contributed by each spouse during the marriage, whether a spouse wasted assets in the past, whether spousal support was awarded, and the length of the marriage.
It is important to seek legal counsel from an attorney who understands division of assets to make sure your interests are well-represented in court because there are many aspects involved in the division of assets in Westchester. A Westchester division of assets lawyer understands the local laws and factors considered by the court when dividing assets and can effectively communicate your needs to the court to achieve a better outcome.
Property Subject to Division
Not all property is divided in a divorce proceeding. Spouses may be able to keep property they owned separately before the marriage as well as property received as an inheritance or gift during the marriage.
The types of property susceptible to division include all income and property obtained during the marriage as well as any retirement benefits as well as the appreciation of those types of property during the marriage. For more insight, consult with a Westchester division of assets lawyer today.
Let a New York and Connecticut Attorney Assist You in Dividing Assets
The division of assets in a divorce can quickly become complex. It can be difficult to understand how exactly assets are divided and what income is susceptible to division. That is why it is important to consult with a knowledgeable Westchester division of assets lawyer.
Our divorce attorneys in New York and Connecticut who can help you understand the division of properties and possessions in your divorce. We can also help you create a plan to protect your interests throughout the divorce proceedings. Call today to speak to our attorneys.