Division of Property in a Divorce
When a marriage is terminated all marital assets must be equitably divided. If this is a contested divorce, the equitable division of these items will be determined by the courts. In most marriages the most lucrative assets belonging to either or both parties are either property or property related. As a result of this there are a number of ways in which such assets can be divided.
The division of property in a divorce is similar to the division of assets in that personal and marital assets must first be established. In some cases one member of the relationship may have been in possession of certain properties prior to the marriage. During the marriage these assets may then have increased in value. An equitable division of property in a divorce of this kind generally requires the other spouse to demonstrate their contribution to the increase in the property's value. Based on the argument put forward by this person's legal representative, the courts will then decide on the equitable division of this asset.
In general the martial home is split evenly between both parties, regardless of other decisions relating to the division of property in a divorce featuring other property related assets. It is common for the courts to order that the house be sold and that the resulting monies be split between the former spouses. However this issue can be affected by the presence of children in the relationship.
Generally the legal system attempts to negotiate the division of property in a divorce with the minimal amount of disruption to the lives of any minors affected by the split. In this situation the custodial parent is generally allowed to occupy the house with the children until the sale. This may be postponed until the children are grown, or until they graduate from high school. Another factor that can affect the courts' decision on this matter is whether the children have lived in that home for the majority of their lives.
The division of property in a divorce is hotly contested in most cases, and our experienced lawyers in New York are equipped to help get you through it with the best possible results. Working for affordable prices, they will always work to ensure you achieve financial stability in the wake of your marriage breakup.