Going through a divorce is an emotionally taxing experience to say the least. One of the most contentious aspects can be the division of marital assets. This entails determining who gets what, a process that can quickly become convoluted and stressful for all involved. This can happen even if you and your spouse are amicable in your divorce.
The Law Offices of Diron Rutty, LLC is home to experienced divorce attorneys in The Bronx, and we’re here to ease this process for you. Our team of New York family law attorneys will guide you through each step, providing clear, comprehensive advice to ensure you understand your rights and obligations and assist in achieving a fair and equitable division of marital assets.
What are Marital Assets?
Marital assets refer to all property acquired during the course of a marriage. This includes both tangible and intangible assets such as:
- Real estate
- Bank accounts
- Intellectual property
In New York, marital assets are subject to equitable distribution during a divorce, which means they will be divided fairly but not necessarily equally between the spouses.
Items of low value, such as furniture, electronics, and other things pertaining to personal hobbies, are things that are technically marital property, and not something marital courts will debate about. Unless they are of high value, you may be dependent on the judge’s whim, or have them default to whoever uses them the most. Another option would be one spouse getting these personal items but having to reimburse the other partner for them, or even sell them and split the profits.
What is Not Considered Marital Assets?
Not all property acquired during a marriage is automatically considered marital assets. Separate property – which is property owned by either spouse prior to the marriage or acquired through inheritance or gifts – is typically not subject to division.
However, there are certain exceptions to this rule. If a separate property is used for the benefit of the marriage or becomes commingled with other marital assets, it also becomes a marital asset.
What is Marital Debt and How is it Separated?
Just as assets are divided during a divorce, marital debt has to be too. Marital debt refers to any debts accumulated during the marriage. This includes debt, such as credit card debt, mortgages, and car loans. Similar to asset division, marital debt is also subject to equitable distribution in New York.
You are not immediately responsible for debt your spouse had before marriage unless it becomes entangled with debt you took on together. Go through your debt with our attorneys to be sure what is and isn’t marital debt.
Are There Marital Assets That Spouses Can Continue to Share?
Yes, there are certain marital assets that spouses may continue to share even after a divorce. These include joint bank accounts or investments, shared businesses, and jointly owned property. Our New York divorce attorneys can help you negotiate the terms for sharing these assets post-divorce. You do not have to dissolve or split these assets during your divorce.
Factors That Determine Division of Marital Assets
New York follows the principle of equitable distribution in dividing marital assets during a divorce. This means that the court will take into account various factors in determining a fair division, rather than an even 50/50 split. Some factors that may influence the division of assets include:
- Length of the marriage
- Age and health of each spouse
- Income and earning potential of each spouse
- Contributions to the marriage, both financial and non-financial
- Child custody arrangements (if they share children)
It is important to note that these are just some of the factors that may be considered and each divorce case is unique, so the division of assets may vary accordingly.
In New York, your partner having an affair does not automatically entitle you to more marital assets. If you can prove that your spouse used marital assets to support their affair, you can potentially get marital assets or spousal support to compensate for this loss.
How Our New York Divorce Attorneys Can Help
At The Law Offices of Diron Rutty, LLC, our experienced divorce attorneys in The Bronx are well-versed in handling complex asset division cases. We understand the emotional and financial toll a divorce can have on our clients, which is why we strive to protect their rights and assets throughout the process. We will work closely with you to understand your specific situation and goals and develop a personalized strategy to achieve a fair division of marital assets. Contact us today to schedule a consultation and learn more about how we can help you through this difficult time.