Though spouses may be more than willing to share property when they first get married, the idea of splitting assets may seem like a terrible ordeal if the couple chooses to divorce. Asset division can affect everyone differently. However, because New York is an equitable division state, marital assets will be divided by the court as fairly as possible.
Because marital property essentially goes under the knife during division proceedings, individuals may want to determine their separate property. Knowing what assets will not be split between the divorcing parties is an important starting point in many divorce proceedings. This may be of particular interest when it comes to debts that may have been accrued before and/or during the marriage.
Though assets or liabilities may have been acquired before marriage, certain actions could remove them from the separate property category. Commingling funds in joint accounts and adding names to titles and deeds could easily turn separate assets into marital property. Therefore, individuals may want to determine whether any commingling took place that could potentially affect the outcomes they hope to achieve.
Though the idea of equitable asset division is to give each party a fair share, odds are one or both individuals will feel unhappy with the results. However, New York residents can take the time to prepare for their division proceedings in hopes of maintaining the property they desire. Speaking with experienced attorneys could help interested parties determine their options and how to come up with the best plans for their cases.
Source: wlns.com, "My Legal | Property Division when Divorced", Greg Kohler, May 9, 2017