Deciding what you want to get out of your divorce proceedings can be difficult. Going in, you may have an idea of what property you want to keep or you may not care as long as you get your fair share. Asset division is one of the hardest parts of the divorce process for couples in New York. Not only is it challenging to decide who gets to keep what, but how things are divided can impact other areas of the final settlement.
Property division deals with more than real estate or checking and saving accounts. Retirement funds, valuable collections and marital debts also need to be distributed fairly. The key word here is fairly, as each spouse should be able to walk away with an equitable settlement. To learn more about asset division and how it can affect other areas of a divorce settlement, please visit our firm's website.
For many couples, the marital home is one of the biggest shared assets. Some couples choose to sell their homes and split any proceeds, while in other cases one spouse may wish to keep the property. This tends to happen if children are involved or if the mortgage is underwater. While there are benefits to keeping the marital home, being awarded this or another significant asset can potentially impact spousal and child support payments.
There is no doubt about it, asset division can be challenging to figure out, especially when you have to consider how it will affect the settlement as a whole. With the assistance of an experienced New York divorce attorney, you will be able to see everything as a whole picture, not just a small part of it. By having this bigger picture outlook, you will be able to make informed decisions regarding which assets you would like to fight for in your divorce settlement and which you can let go.