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Divorce process in New York involves splitting of property

When two people decide to dissolve their marriage, the process can be both financially and emotionally taxing. This is especially the case when they must decide how to divide their property and they cannot seem to find common ground. Several tips may help these individuals to effectively address property division issues during a divorce proceeding in New York.

New York is an equitable distribution state. This means that when two divorcing individuals cannot decide on their own how to split their assets and property, a judge will make the decision for them. The judge will take multiple factors into consideration, such as how long the marriage lasted as well as both spouses’ contributions during the marriage. The judge’s goal is to achieve a division of property and assets that is fair.

It is essential that people identify all property to be split. Many people overlook intangible assets — for example, future pension benefits. Other items to consider include club memberships, business goodwill, items in storage, intellectual property, reward benefits that have gone unused, and life insurance and tax benefits that have accrued. It is also important to consider assets that may be located in other parts of the United States or even in other nations.

Many pieces exist to the puzzle of property and asset division in New York, and it is easy to overlook an important piece. An applied understanding of the law may help two individuals who are getting a divorce achieve a settlement that is in both of their best interests. If they cannot do this and a judge has to get involved, the judge may end up making decisions that are unsatisfactory to either one or both parties.

Source: The Huffington Post, “A Few Questions to Consider in Divorce Property Division Situations”, Brad Reid, June 29, 2015

Important Information

COVID-19 (Novel Corona Virus)  Update 3-20-2020

By order of Governor Andrew Cuomo, beginning 3-22-2020, all non-essential business in New York state must close their physical offices in response to the rapid rate of positive reported cases of COVID-19 in New York State.

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Larkin, Ingrassia & Tepermayster, LLP

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