If you get divorced in New York, joint assets will be divided in an equitable fashion. There are many factors that may come into play when determining what constitutes an equitable division of assets in your case. These factors may include your age, ability to work and how long you were married to your spouse.
Which assets are eligible to be divided?
Generally speaking, any property that is part of the marital estate can be allocated in a divorce settlement. In some cases, property that you owned prior to getting married may become part of a joint estate if it is commingled in any way. Furthermore, any asset appreciation that takes place after your wedding day could be considered a joint asset even if that asset was acquired prior to that date. An attorney may be able to talk more about rules related to division of assets in a divorce case.
A prenuptial agreement may override state property division rules
It’s possible that your spouse could be awarded part of a business, an investment portfolio or other valuable items in a divorce settlement. However, a prenuptial agreement may stipulate that you’re allowed to retain control of such assets. It’s important to note that this type of contract cannot be used to calculate child support payments or resolve child custody issues.
If you are planning on getting a divorce in the near future, it may be in your best interest to speak with an attorney. A legal adviser may be able to review a prenuptial agreement or take other steps to help you obtain a favorable outcome in your case. It may also be a good idea to have a legal professional review any agreement reached in mediation before it goes into effect.