Individuals going through a divorce often have questions about what their financial and property situation may look like after the divorce. For example, they may be wondering how a judge can divide their assets with the other party, and which assets they may be entitled to.
If you have these kinds of questions, you should contact an Albany matrimonial lawyer at Tully Rinckey PLLC. Our attorneys are familiar with various divorce issues, including those related to property distribution as a result of divorce, and can answer any legal questions you have about your specific case. If needed, we can also represent you in court proceedings to help defend your rights.
In any divorce action, an Albany court must generally resolve a wide range of issues, including the distribution of property. According to New York Domestic Relations Law §236, the court has the authority to equitably distribute marital property between the parties in a divorce. However, each party usually retains any separate property they have.
In the context of asset distribution, NYDRL §236 defines “separate property” as:
Additionally, any property you receive in exchange for separate property is itself separate under this statute. You may sell your separate property and retain the money you receive for that property. One of our Albany matrimonial attorneys can provide additional information on whether a specific asset is likely to be determined as separate or marital property.
Any property that is not separate is usually considered marital in nature. Marital property encompasses most property acquired by either party during the marriage, according to NYDRL §236.
Courts usually divide marital property as equitably as possible between the parties. However, courts are not required to divide assets right down the middle, as “equitable” does not necessarily mean equal.
Instead, they may grant one party sole ownership of a given piece of property while granting the other party the monetary equivalent of their share of that property. For example, a court may decree that you own a specific painting while granting the other party in your divorce a monetary award equivalent to a fifty-percent share of the market value of the painting.
Under NYDRL §236, Albany courts generally consider a variety of factors in distributing marital property, including:
Additionally, the court may consider any other factor that it expressly finds to be “just and proper.” As a result, courts must consider each asset distribution process on a case-by-case basis. If you need advice on how a court may distribute property in your specific situation, you can benefit from talking to a matrimonial lawyer in Albany.
The divorce process can often be complex and hard to understand. You will need accurate information about a variety of issues, including the division of your property as a result of your divorce.
An experienced Albany matrimonial lawyer can help answer questions you may have, as well as provide you with the legal resources you need to protect your rights during your divorce. We can also file any legal paperwork necessary on your behalf to help you achieve the best possible outcome.
To schedule an initial consultation with a member from our experienced team, contact us 24 hours a day, 7 days a week, at 8885294543 or info@tullylegal.com
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