Going through a divorce can feel like you are riding a roller coaster. You experience a wide range of emotions as you process the end of your marriage. You worry about how your divorce will impact your children and your finances. Will you and your spouse have to split your assets 50-50?
Equitable property division
New York is an equitable property division state. That means a divorcing couple’s assets are divided in a fair and equitable manner, not necessarily in half.
Some of the factors that influence equitable property division include the following:
- How long the couple’s marriage lasted
- How old each spouse is and what their health status is
- What the couple’s standard of living was during the marriage
- If a spouse will receive spousal support or child support after the divorce
Couples will split not only assets, but also debts. Your assets will include
- Your banking accounts
- Your 401K and investments
- The value of your home and your furniture
- Your vehicles and other valuable items
- Your business assets (if you don’t have a prenuptial agreement covering those)
Separate property vs. marital property
As part of your property division during divorce, you will have to determine what is marital property and what is separate property. Marital property comes from assets you’ve accumulated from your marriage. And even if you bought your home before you married, it may not be separate property. If your spouse helped pay toward the mortgage or upkeep and renovations, then your spouse may receive part of the home’s worth.
Classifying what is marital property vs. separate property often isn’t easy. That’s why if you are facing divorce, you should consult with an experienced divorce attorney. An attorney can help you account for all your assets and help you get an idea of what assets you may receive in your divorce.