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Property division rights during a New York divorce

When a couple marries in New York, it is assumed that any money or property acquired during the marriage is marital property. This means that it belongs to both parties. Any money, investments or property acquired by either person prior to the marriage is considered separate property. Certain property can be kept out of the marital property label by the couple signing a prenuptial or postnuptial agreement.

What is marital property when artists divorce?

You would probably have a difficult time finding artists who really see their creations as property. Most will think of them simply as theirs. When two artists marry and then divorce, what is considered marital property? Does each artist simply walk away with all the pieces he or she has created?

What does the Equitable Distribution Law deal with?

In New York, the Equitable Distribution Law requires that a judge divides the property from a marriage fairly. This doesn't mean that the property will be split 50/50. It means that there are two types of property recognized during a divorce: separate property and marital property. The latter is the one that will be divided up between the two spouses.

Things you should know before you file for a divorce

Most divorced individuals will likely tell you a few things that they didn't know before filing for divorce. Would it have affected their decision to divorce? That much isn't known, but for one woman found that there were many things she wished she had been aware of before she filed for divorce. Here are a few of her realizations about divorce:

What people should you surround yourself with after a divorce?

For many recent divorcees, it's difficult to know who to turn to for guidance, friendship and help. This can be because of trust issues that were exploited by an ex-spouse. It could be because they simply want to show everyone that they can make it on their own without anyone's help. The truth is, though, that everyone needs help, friendship and guidance at one point or another. Trying to get through this difficult period can be very hard to do without someone in your corner. Here are five people with whom you should surround yourself during a divorce:

Tips for complex property division cases

You may hope that the property division process goes smoothly in New York, and it certainly can; some couples work things out with no problems, really helping to speed up the divorce process. However, you don't want to assume things aren't going to get a lot more complicated. Below are a few things to keep in mind.

Understanding the division of retirement benefits

Between pensions, individual retirement accounts and 401(k)s, it can be quite complicated to determine how retirement funds will be divided in a New York divorce. Currently, pension benefits are often divided by using what is known as the Majauskas Formula. This formula was established in Majauskas v. Majauskas in the State Court of Appeals. If the parties negotiate a different equitable distribution choice or the court modifies the formula, a different amount of the pension may be awarded to the ex-spouse.

Sunday, May 28, 2017

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