When couples head for divorce, they usually don’t know the first thing about the process or what types of roadblocks they might run into in New York. Finding out as the divorce progresses can be very stressful and overwhelming for all involved. One important topic to understand when headed for divorce is simple property division and what it entails.
For the most part, a simple division of property occurs when neither party tries to contest an asset when putting together a divorce agreement. Both sides are able to agree quite easily on how pieces of marital property should be divided. Even though most marital property will be divided equally, the parties involved can decide to divide it however they deem appropriate.
When dividing property in divorce, you must take the following into consideration:
- The length of time the marriage lasted
- The standard of living both parties enjoyed during the marriage
- The liabilities and debts each party involved currently has
- The emotional and physical health of each party
- The age of each party
- The current value of the property being divided
- Each party’s income and capacity to earn
- Tax issues that can be associated with distributing property from the marriage for both parties
Divorce is a touchy subject, even when the couple knows it has been a long time coming. The best thing you can do in preparation is to know what it is stake, learn the process and prepare for contention.
Are you headed for a divorce in New York? Don’t go into the process blind when you can speak with an experienced family law attorney. Contact our firm today to discuss your situation and find out what to expect throughout the process.