Dividing Your Assets
In a divorce, the couple’s marital assets must be divided between the partners. Marital assets are all assets that were obtained during the marriage other than those received as a gift or through inheritance to one partner. Assets that either partner had before entering the marriage are singly-held assets. A married couple’s pool of assets may include some or all of the following:
In New York, assets are divided according to the rule of equitable distribution. This means that the court considers each partner’s personal and financial needs when dividing a couple’s property, rather than making a blanket distribution by cutting the asset pool in half. It may consider the tax obligation of each asset as well as each partner’s circumstances following the divorce regarding child custody and earning capacity.
Determining Your Child Custody And Child Support Orders
If you are a parent, a child custody order will be part of your divorce settlement. A child support order will also likely be part of the settlement. This is money paid from one parent to the other to help with the expenses of raising a child.
There are two types of child custody: physical and legal. Physical custody refers to the house where the child resides. Legal custody is the right to make decisions on the child’s behalf, such as those relating to the child’s religious upbringing or medical care. You may be ordered to have joint or sole custody in either or both categories. When a child spends more than 50 percent of his or her time with one parent, the other parent may have visitation with the child.
Spousal Maintenance After Your Divorce
Spousal maintenance, also known as alimony, is money paid to one’s former spouse to prevent him or her from suffering financially after the divorce. One goal of spousal maintenance is to continue to provide the receiving spouse with the standard of living he or she enjoyed during the marriage, but this is often a secondary goal. In most modern spousal maintenance arrangements, maintenance is paid for a limited amount of time, giving the receiving spouse time to complete an education or vocational program that will allow him or her to enter the workforce.
The court considers various factors about a couple’s marriage and each partner as an individual when determining an appropriate spousal maintenance amount. These factors include:
- The length of the marriage;
- The parent with whom the children reside;
- Each partner’s age and health status;
- Whether the partner seeking maintenance reduced his or her earning capacity by foregoing or delaying education or certain career opportunities for the benefit of the home and children;
- The tax obligation spousal maintenance will have for each party;
- How the couple’s assets were divided; and
- Any other factor the court deems to be relevant.
At The Colwell Law Group we strive to provide skilled, client-centered representation in divorce and family law matters. Beginning with the initial consultation and throughout the case, we look to accomplish the following:
- Listen closely to determine your needs and goals
- Craft an appropriate legal strategy to achieve your goals
- Maintain an open line of communication with you and provide updates on progress and problems throughout the case
- Work as a team both in Court and out of Court to achieve your stated goals
Divorce is something that stays with both parties long after the initial agreement is finalized. Therefore, we also provide the following post-judgement services in divorce matters:
- modification of spousal support
- modification of custody or child support
- Qualified Domestic Relations Orders (QDRO)
- sale of marital residence
In order to realize the post-divorce life you deserve, you need a skilled divorce attorney in your corner. Call 518-462-4242 or email us today to request your consultation.