When it comes to the division of assets in a divorce, real estate can be one of the most complicated types of property to address. It is important for divorcing couples to understand their rights and responsibilities when it comes to ownership and division of real estate during the process of getting divorced in New York. Some key considerations to address in these situations include: 

New York's Marital Property Laws 

In New York, real estate is classified as either “marital property” or “separate property.” Marital property includes all assets acquired during the marriage, such as a jointly owned family home, vacation home, or any other investments that have been shared by both parties during the course of their marriage. Separate property includes any asset acquired prior to the marriage or through an inheritance. 

When couples in New York divorce, the issue of spousal support may arise. Spousal support, which is also known as alimony or spousal maintenance, is a payment from one spouse to the other that will provide a spouse who earns a lower income with the necessary support to meet their needs. In some cases, spousal support may be ordered by the court as part of a divorce judgment. In other cases, the parties may agree to spousal support terms in their divorce settlement. Whether you are seeking spousal support or are facing the prospect of paying it, it is important to understand how spousal support is calculated in New York. 

Calculating the Amount of Spousal Support Payments

New York courts will use different calculations for spousal support depending on whether child support will be a factor in a couple's divorce. In cases where a non-custodial parent will be paying both child support and spousal support, the amount of payments will be determined by taking 20 percent of the payor's income and subtracting 25 percent of the payee's income. For example, if the payor earns $100,000 per year, and the payee earns $50,000 per year, spousal support would be calculated by subtracting $12,500 ($50,000 x .25) from $20,000 ($100,000 x .2), for a total of $7,500. Since spousal support is usually paid monthly, this amount would be divided into 12 payments of $625.

In cases where child support is not a factor or when the custodial parent will be paying spousal support to the other spouse, the amount of payments will be determined by taking 30 percent of the payor's income and subtracting 20 percent of the payee's income. Using the example above, spousal support would be calculated by subtracting $10,000 ($50,000 x .20) from $30,000 ($100,000 x .3), for a total of $20,000.

A divorce can be a difficult and emotionally trying time. Not only do you have to deal with the emotional upheaval of splitting up with your spouse, but the two of you will also have to untangle your financial lives as well. If you and your spouse have significant debts, one question you may need to address during the divorce process is whether or not to file for bankruptcy. While doing so may provide you with some financial relief, you will want to make sure to handle these issues correctly so that you will both be able to move forward successfully after your marriage has ended.

When filing for bankruptcy, you generally have two options: Chapter 7 or Chapter 13. These options both have advantages and disadvantages, and the option you choose may also have an impact on financial matters that will need to be addressed during the divorce process. By understanding how different types of bankruptcy cases will be handled, you can make the best choices during your divorce that will provide you with financial security in the future.

Going through a divorce can be a tough process, both emotionally and financially. One of the most challenging aspects of ending your marriage is dividing up your assets in a fair and equitable way. The property division process can be difficult enough on its own, especially if you and your spouse disagree over who should receive what items or who should be entitled to a greater share of money or other financial assets. Unfortunately, there are some situations where these issues may become much more difficult to resolve due to one spouse's attempts to hide assets from the other in an effort to keep more of the marital property for themselves. 

If you suspect that your spouse is hiding assets, there are several steps you can take to uncover these dishonest actions. With the help of a qualified divorce lawyer, you can track down hidden assets and make sure that they are properly accounted for in your divorce settlement.

Getting a divorce is never an easy process, and there are many complex issues that a couple will need to address before their marriage can be legally dissolved. Property division can be one of the most difficult aspects of the divorce process. Not only does a couple have to figure out who will get what, but they will also have to determine the value of each asset. This can be a complicated and emotional process, but its goal is to ensure that all marital assets are distributed fairly and equitably. By understanding the different types of property that may need to be considered during a divorce, a person can make sure they will be prepared to make the right decisions.

Different Types of Marital Assets

In New York, a divorcing couple is required to divide all of their marital property, which includes all property they purchased or acquired after the date they became legally married and before they entered into a legal separation or began the divorce process. Property must be divided "equitably," and while an exact 50/50 split is not required, each spouse should receive a fair and just share of the marital estate that will allow them to provide for their needs going forward.

During the divorce process, a couple will need to consider multiple types of property, including: