During the course of any marriage, each spouse will collect a range of property – and a divorce, no matter how difficult or painful, doesn’t make that property any less yours. This is why it is so important that you understand the legal implications of your separation, or you might lose out on your most valuable assets.
Data from the National Center for Family and Marriage Research shows that for every 1,000 marriages in the United States in 2014, nearly 18 ended in divorce. If you think that sounds low, bear in mind that it adds up to 1.1 million divorces in a single year.
In New York, a couple’s marital property will be divided between spouses after a divorce according to the principle of equitable distribution – and no, that doesn’t mean the court takes a 50-50 approach. Instead, each party will receive a share of the marital property according to what the court considers fair.
If you are facing divorce in New York, a family lawyer can protect your financial and personal interests. Elliot Green is a divorce attorney in Brooklyn who will answer your questions and help you avoid mistakes. Call 718-260-8668 to schedule a free consultation with the Elliot Green Law Offices.
Let’s take a look at the factors the court will consider when dividing assets:
13 Factors That Will Affect Asset Division during Divorce
The judge is bound in his or her decision by Domestic Relations Law 236B(5), which stipulates the terms of equitable distribution in New York. Here are 13 factors the court will consider when dividing your marital property:
- Your income and that of your spouse, before and after your divorce;
- How long you were married, your age and your respective health conditions;
- Whether a custodial parent will need to remain living in the marital home;
- Any loss of inheritance and/or pension affected by the divorce;
- Maintenance owed by you or your spouse;
- Any contributions you may have made to your spouse’s education or career prospects;
- The nature of the property, be it a physical home or money in the bank;
- Your future financial prospects;
- Interests or assets tied to private companies;
- Any and all tax consequences;
- The extent to which either you or your spouse might have willfully or unduly squandered assets or investments;
- Whether you or your spouse transferred property or funds in anticipation of divorce proceedings;
- And any other factor that the court deems appropriate.
If you are filing for divorce in New York, contact a divorce attorney from the Elliot Green Law Offices. Mr. Green is a family lawyer in Brooklyn who will give your case the attention it deserves. Our office is available 24 hours a day.
Don’t let divorce ruin your finances. Call 718-260-8668 today to schedule a free initial consultation.
