You may feel trapped in a dysfunctional marriage. It can be exhausting to keep up appearances, overwhelming to think of losing a close relationship, and daunting to consider leaving. With all of these emotions, it is helpful to have someone at your side who understands the legal implications of a divorce. The divorce attorneys at The Colwell Law Group, LLC have been trusted with divorce matters since 2005 by New York and Greene County residents. Contact to schedule a consultation today.
Greene County Asset Division Attorney
Assets are divided into separate assets, which are acquired by each party prior to marriage, and marital property. During a marriage, separate assets may become jointly owned. For example, a wife may choose to add her husband as a co-owner to a house. Examples of marital assets include:
- Real estate;
- Tax refunds;
- Retirement accounts;
- Memberships to any organizations; and
- Bank accounts.
According to New York law, New York is an equitable distribution state, which means that a judge should divide assets as fairly as possible. Factors that are considered include the length of the marriage, each spouse’s income and potential future earnings, the age and well-being of each spouse, the child support roles, and any debt. If a spouse contributed to their partner’s career, that may also be taken into consideration.
Taking the Children into Account
Before a divorce is finalized, the court will issue a child custody plan and a child support order. The custody plan, or parenting plan, details where any children will live and which parent has the authority to make legal decisions for the children until they reach the age of 21, according to New York law. A parent who is responsible for the child may seek child support to pay for the financial costs of raising children.
Spousal maintenance, more commonly known as alimony, is financial support for the lower earning spouse. Typically, spousal maintenance is just temporary. It can be awarded in the following ways:
- For the duration of the divorce to allow the lower earning spouse to live the lifestyle that they have become accustomed to during the divorce process;
- Longer term spousal maintenance can be awarded to help the spouse find work in the months after a divorce;
- Rehabilitative maintenance may be awarded to help the spouse go back to school or train for a new career; or
- In some cases spousal support is awarded until either party dies.
Permanent spousal support is rare, and is usually only awarded when the lower earning spouse is advanced in age, has a disability that would prevent them from being able to provide for themselves, or if the economic difference between the two parties is very great (the higher earning spouse is very wealthy). The court looks at a variety of factors when issuing spousal support, including the length of the marriage, tax obligations, who the children live with, how the marital property was divided, the age and health of each spouse, and more.
Contact the Greene County Divorce Lawyers of The Colwell Law Group, LLC Today
Do not hesitate to call the Greene County divorce lawyers of The Colwell Law Group, LLC today at 518-512-0544 for immediate assistance. We are eager to assist you throughout each step of your case.
Get The Best Outcome For Your Children
Learn how to help your kids cope with your divorce with our complimentary guide for parents who are getting divorced or separated in New York.