While divorce is a highly emotional process, it is also a legal, financial process as well. This, unfortunately, may make for some tough times ahead. If you and your spouse cannot agree on who gets what, you are in a contested divorce, which means your assets will fall into the litigation process. Many individuals who are getting a divorce wonder if they will be able to keep their car, their favorite possessions, their pets, or, perhaps most importantly, their house. If you believe your assets are at stake, then you must read on and hire an experienced attorney to learn more about your legal options going forward:
Equitable distribution in New York State
Equitable distribution is the process by which assets are divided in a divorce. While the ultimate goal of the courts is to distribute assets in the fairest way possible, this does not always happen. “Equitable,” simply put, does not mean “50/50 split.” This is why it is not uncommon for certain individuals to feel as though their spouse got the better deal, and that they were denied certain assets or possessions they were entitled to, which brings us to the question of:
Is a house considered marital property?
Marital property consists of all assets you have accumulated during your marriage, while separate property consists of assets obtained before or outside of marriage. Houses are considered marital property, and marital property is subject to equitable distribution in a divorce, so if you are worried your house will go to your former spouse, you must reach out to an experienced, aggressive attorney as soon as possible.
How do New York courts decide who gets to keep the house?
New York courts believe that each spouse should receive their fair share, so when you are in a contested divorce, the courts will consider several different factors to ensure the transition goes as smoothly as possible for both parties. The courts will consider your health and age, your yearly income and earning capability, debts and liabilities, the duration of your marriage, your marital standard of living, the value of your property, all child custody, child support, or spousal support agreements in place, and more. To ensure you put up the best fight possible, you must not delay and hire one of our seasoned attorneys who are eager to secure your hard-earned assets.
Contact our experienced Long Island firm today
Peter V. Mandi, Esq. is an experienced divorce and family law attorney located in Bohemia, New York. Our firm understands the impact a divorce can have on your life. If you require strong and dedicated legal representation in Long Island, New York, please do not hesitate to contact Peter V. Mandi & Associates, Inc. today.