When a couple divorces, they must find a way to equitably split their assets. In many cases, each person will have strong feelings about what assets they should keep after they part ways. While asset division is just one consideration, it is an important one that can impact each person’s financial well-being long after the process ends.
If you are divorcing your spouse, you will need a strong advocate who can ensure that the final breakdown is fair. Contact a Troy division of assets lawyer to learn more about how to protect your interests. Only a committed divorce attorney has the skills and experience necessary to advise you of your legal rights and options.
Not all property will belong to a marital estate. In some cases, the parties may enter a marriage with substantial assets of their own. That pre-marital property can remain solely the property of the spouse who acquired it before the wedding.
However, if a party has a pre-existing asset, such as a home, and then uses a marital asset to fund a mortgage or upgrades to that home during the marriage, the asset may become mingled with the marital estate. Also, if one party inherits property or assets, that property is theirs alone.
It is not uncommon for divorcing spouses to disagree about what property is and is not marital. A division of assets attorney serving Troy can help advocate for a favorable outcome for the party they represent.
Once the parties or the court decide which assets belong to the marital estate, they can work to divide the property. Sometimes a particular asset may be more critical to a person, like in situations where one person wants to stay in the marital home with their child(ren).
The guiding principle in the division of assets in New York divorce cases is the equitable division of property. Specifically, equitable division does not always mean evenly split, as a court can award certain assets to one party as it sees fit. For instance, a high-earner may recover fewer assets to help the other spouse following the divorce, especially if that other spouse was not employed during the marriage.
When it comes to equitable divisions, there will be more than one way to allocate the property. A Troy lawyer can work with a person to determine how they wish for their assets to be divided.
Dividing the assets is one of the significant factors in a divorce but there are other issues the parties must consider. If the couple has children, they will have to create a custody plan. Courts may also order one spouse to pay maintenance to the other as a way to help a dependent person support themselves after the marriage ends.
A party who has custody or who earns a lower income may recover child support as well, which is a separate award from any maintenance. If couples entered into a pre-nuptial or post-nuptial agreement, it might significantly impact the resulting support amounts and allocation of property.
The agreements that parties must sign when they end their marriages will play a significant role in how they adjust to their new lives. While it might be tempting to rush through the process, it is good to remember the lasting impact of parting ways not only with a person but with much of your combined wealth.
Reaching a fair and equitable property division agreement is possible but it may require assistance from a legal advocate. A Troy division of assets lawyer can help draft and negotiate favorable divorce terms. Call now.
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