When you decide to divorce your spouse understanding how your assets will be distributed during the process is essential. However, if you’re unsure how these assets will be divided, understanding how property division terms work in New York is essential. Keep reading to learn what you need to know about the process of property distribution. You’ll also learn how a Suffolk County property distribution lawyer can help you navigate this process.
How Is Property Division Decided in New York?
In New York, any property accrued during marriage is deemed marital property. This means that any assets, items, real estate, stocks, and funds will be subject to distribution so long as they were obtained while the couple was married. This property is traditionally distributed equitably rather than equally, meaning the property will be divided based on what each spouse contributed to the marriage.
However, this can often leave one spouse with significantly less than the other, making the distribution unfair. As a result, some couples will create their own agreements, allowing them to split their property more fairly between spouses. If there is a power imbalance, this can still leave one party feeling less than pleased with the agreement.
Is It Possible to Modify an Agreement After a Divorce?
Generally, the agreement you and your spouse agree to cannot be changed once signed. However, there are some specific, rare instances where a judge will consider changing the terms. Generally, this is due to the following circumstances:
- Mistake of fact or law
- Mental incompetency
If any of the following instances apply to your property distribution agreement, you must file with the court under these circumstances. However, you cannot alter the terms once it is decided if you are unhappy with the outcome. This means you need to carefully consider the terms of your property division terms before you agree to them.
In order to avoid issues surrounding your property division, there are additional methods you can try before coming to an agreement. One of the best options is to consider mediation, as it allows both parties to feel heard and represented when discussing how they want to distribute property during their divorce.
Similarly, you’ll want to consider enlisting the help of an attorney to determine whether or not the agreement proposed is fair and valid. Legal representation makes it less likely that your spouse will try to scam or twist the truth about the agreement.
When you need help ensuring you are represented and receive a fair amount of property and assets before signing the document, you’ll want to enlist the guidance of Peter V. Mandi & Associates. Our dedicated legal team can examine the circumstances of your divorce to help you navigate this process.