How property and debts are divided when you get divorced.
This means that the judge can do whatever he or she thinks is fair. However, there are broad guidelines relating to the property division. In marriages of long duration property acquired during the marriage is generally divided on a 50/50 basis. The ratio would be different for shorter marriages. The court also considers which party contributed more assets to the marriage.
In New York, other property, or "separate property" remains with the party who owns it. If separate cash is contributed to a joint bank account, and treated as joint funds, it will generally become marital property. The party who made the deposit may be entitled to reimbursement for the initial deposit, but not for the eventual value of the funds as invested.
What is separate property?
How is property divided at divorce?
It is common for a divorcing couple to decide about dividing their property and debts themselves, rather than leave it to the judge. But if a couple cannot agree, they can submit their property dispute to the court, which will use state law to divide the property.
Division of property does not necessarily mean a physical division. Rather, the court awards each spouse a percentage of the total value of the property. (It is illegal for either spouse to hide assets in order to shield them from property division.) Each spouse gets items whose worth adds up to his or her percentage.
How do we distinguish between marital and non-non-marital property?
Very generally, here are the rules for determining what's Marital property and what isn't:
Who gets to live in the house during the divorce?
If children are involved, the parent who spends the most time with the kids, or provides their primary care, usually remains in the marital home with them. If you don't have children and the house is the separate property of just one spouse, that spouse has the legal right to ask the other to leave.
If, however, you don't have children and you own the house together, this question gets tricky. Neither of you has a legal right to kick the other out. You can request that the other person leave, but he or she doesn't have to. If your spouse changes the locks, or somehow prevents you from entering the home, you can call the police. The police will probably direct your spouse to open the door. When you both own the home, the only time you can get your spouse to leave is if domestic violence has been committed and a judge grants a restraining order.
New York Divorce Forms
|New York Divorce||$59.00|
|NY Divorce & MSA Combo (best value)||$89.00|
|New York Divorce||$149.00|
|NY Divorce & MSA Combo (best value)||$199.00|
Special: Now through May 31st take 15% off any purchase! Use promotional code may15