Living in New York has its benefits, including the beautiful views the state has to offer. One thing you cannot avoid, no matter where you live, is the sad fact that divorce happens. Couples hit a wall and no amount of counseling can help save the marriage. Because of this, they file for divorce or get separated for a period. So, what are the marital property laws of New York?
The state of New York is an equitable division state. This means that each spouse owns the income they earned while married and has the right to manage the property that is in their name. When the couple decides to divorce, the court will come up with an equitable division of assets, which could turn out not to be equal.
The Uniform Disposition of Community Property Rights at Death Act of 1971 was adopted by the state of New York because it is not a community property state. There are more than a dozen other states in the country that also adopted this piece of legislation. This act protects the rights of a spouse who decides to move from a state that recognizes community property to one that does not recognize community property.
When divorce is filed for in New York, the judge presiding over the case will consider the following when dividing the property between the two spouses in an effort to make it as equal as possible:
— The health and age of each spouse
— Whether or not alimony has been awarded
— The property and income of each spouse on the date of their marriage and on the date of their divorce filing
— The custodial parent’s domestic requirements
— The probable future financial needs of each spouse
Coming to the decision that your marriage is over can be difficult and emotional. If you are headed for divorce, do not make any decisions or file any paperwork with the state before obtaining an attorney’s advice and guidance.
Source: FindLaw, “New York Marital Property Laws,” accessed March 24, 2017