Which Property Is Whose During New York Asset Division?

Almost everyone has heard of the saying that knowledge is power. When it comes to divorce, having the right knowledge can make a considerable difference in the outcomes of the proceedings. Asset division in particular can cause many New York residents issues if they do not fully understand what aspects could play significant roles in the process. 

For instance, if an individual does not know which assets are considered separate and which are considered marital, he or she may believe that more assets are up for division than actually are. Property obtained before marriage typically remains under the sole ownership of the original owner. Assets accumulated after marriage are considered marital assets (with some important exceptions), so despite who actually purchased the items, those assets are up for being divided equitably. 

When it comes to dividing property equitably, it is in individuals' best interests to know that equitable and equal are not synonymous. When property is divided under equitable distribution laws (as is the case in New York), the items are distributed as fairly as possible, not as equally. Therefore, certain life aspects of each person could determine what would be considered fair in each case.

Understanding this information and other relevant facts about asset division could help New York residents avoid unexpected situations during divorce proceedings. Additionally, the right knowledge could allow parties to better prepare for working toward the outcomes they most desire. If individuals have concerns or questions about equitable property division, they may wish to consult with experienced family law attorneys who could provide valuable insight.

Source: seekingalpha.com, "Common Financial Mistakes Divorcing Women Make", Russ Thornton, June 20, 2017