One of the significant things a divorce generally involves is the splitting of the marital estate between the two divorcing parties. How the different assets in the estate are divided can have major financial impacts on the two divorcing spouses.
When divorcing parties are unable to reach an agreement regarding how the property in the marital estate will be divided, the decision of how the property will be split generally goes to a judge.
Different states have different rules regarding what judges are to do when it comes to dividing up a marital estate in a divorce. Here in New York, judges are to divide the estate using a method called equitable division.
Under equitable division, judges can use many different factors in determining what the fairest way to split up the marital estate is. Some examples of factors judges in New York can look at when making this determination are: what the ages of the two spouses are, what sort of health the two spouses are in, what income the two spouses have, what sort of financial needs the two spouses are likely to have in the future and whether any alimony arrangements are in place.
Given that judges can consider many different factors in New York property divisions, there are many different issues that can be brought up and which can be important ones in New York property division proceedings. Thus, thorough and detailed preparations can be very important for a divorcing individual when going into proceedings related to property division. Property division proceeding preparations are among the things divorce lawyers can assist individuals with.
Source: FindLaw, “New York Marital Property Laws,” Accessed Oct. 2, 2014