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Property division info may affect outcomes in New York divorces

Knowing what to expect when it comes to divorce proceedings is not always easy. Many people may have misconceptions about certain aspects of the process or simply lack the correct information altogether. When it comes to property division, a lack of knowledge could result in New York residents ending up with unwelcome outcomes.

One of the first aspects to understand when it comes to dividing property is what counts as marital property and what counts as separate property. Essentially, assets acquired during the marriage count as marital property, regardless of which individual is the actual owner. When it comes to separate property, assets that each person owned before getting married typically remain his or her own separate property and exempt from potential division.

Additionally, parties may also want to be aware that when it comes to equitable division, the goal is to be fair -- which is not necessarily completely equal. Therefore, individuals may want to understand that their assets will not be split 50-50. Certain factors will go into consideration, including income and earning capacity, and the court will likely decide what outcome seems most fair.

Because property division can have a considerable impact on a person's financial situation after divorce, the right information could mean the difference between upset and security. Therefore, interested New York residents may wish to closely assess their circumstances to determine the possible outcomes of their equitable distribution. Discussing any concerns with experienced divorce attorneys may help parties feel more confident as they work through the process.

Source: seekingalpha.com, "Common Financial Mistakes Divorcing Women Make", Russ Thornton, June 20, 2017

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