Divorce is an unfortunate fact of life for many. The process can be overwhelming with pressures from your and your spouse’s family, division of assets, deciding your child’s future living situation, and more. Undertaking everything that comes with a divorce, as well as holding together your day-to-day life, can be an impossible task, especially if the other spouse is not cooperating with your wishes. However, you are not alone. The help of an experienced Saratoga divorce lawyer can prove to be invaluable, whether you hope to solve disputes through a collaborative divorce, mediation, or in court.
Property Division Includes Deciding Who Gets What
New York is an equitable division state, according to the New York Courts, and marital property must be divided as equally as possible by a judge. Marital property is anything that was purchased or acquired during the marriage, other than the following:
- Personal injury awards or settlements; or
- Gifts or inheritance given specifically to one spouse.
As such, marital property is essentially everything else: cars, real property such as a house or condominium, furniture, sports equipment, electronics, stocks, pension plans, 401k plans or IRAs, businesses, and even debt. The other type of property that New York recognizes is personal property, which is not divided during divorce. Personal property is anything that each party brought into the marriage, such as real property, bank accounts, IRAs, a car, and debt as well. However, the Uniform Disposition of Community Property Rights at Death Act mandates that property of a couple that is already married, who move from a community property state to New York, remains community property.