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What happens to your shared property in a New York divorce?

| Aug 17, 2021 | Divorce |

Couples about to head to divorce court often have a lot of issues they still need to resolve. If they have children, they must determine how to share custody. If they don’t have prenuptial agreements, they will have to find a way to split their property with one another.

Asset division is one of the most universal headaches associated with divorce. Even those who are usually calm and composed can become very agitated at the prospect of dividing their property and debts with their ex. How does that process occur in New York?

Couples can divide their own assets or rely on the courts

Couples with marital agreements aren’t the only ones who can divorce quickly without litigation. Any couple that reaches a mutual decision about how to split their property can potentially file an uncontested divorce as well. Mediation and collaborative divorce proceedings can give a couple the right to make their own decisions about their property in their divorce.

If you can’t agree with your ex or your ex won’t work with you, then you may have no choice but to go to court. Judges in New York will apply the state’s equitable distribution law to your property. They will look at what you earned during the marriage as well as the property and debt you acquired. Then, with a focus on fairness given your current situation and marital contributions, the judge will split assets and debts between both spouses.

Understanding how New York judges approach property division can help you plan for divorce and also make it easier to negotiate a settlement outside of court.