On behalf of Cobert, Haber & Haber Attorneys at Law posted in Divorce on Thursday, October 13, 2016.
Going through a divorce in New York is not easy and making decisions about how to split your assets can be a challenge. Marriage is when couples tend to make some of their largest investments, such as buying property and investing in stocks. If your divorce is an amicable one, diving your assets may not be as challenging as it could be if your situation was a contentious one.
During divorce, the courts will take a critical eye to any and all assets and properties that you and your former spouse have, how they were obtained and with whose funds they were purchased with. For example, if you and our soon-to-be ex-spouse purchased a home together and you both contributed money towards the mortgage premiums, then that property is considered a joint asset.
Another example would be if your ex-partner started a business while you were married, and you used a small portion of your funds to pay for business insurance or supplies for that company, then you would have some interest in the property. The courts would need to determine how much of an interest you have before it can be split. Of course, you and your former spouse may be able to bypass the courts if you can come to an amicable agreement about how everything is to be divided up.
You need to remain aware that all property that is acquired during the marriage is fair game to your former spouse. Even if you purchased a new car in your name alone, your spouse may still be entitled to a share of it. You should assess all assets that are involved, states Forbes. Try to do more than assign a numerical or monetary value to them. You may want to work with a financial advisor so you can learn more about which assets are better for your situation in the short-term and long-term. This professional can also help you to understand the potential tax-complications of your situation.
Dividing assets during a divorce is not always easy, but with the right attitude, guidance and considerations it can be done.
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