Asset Division in Divorce

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Commonly Asked Questions about Asset Division in Divorce

How do you calculate assets in a divorce?

You list all the assets, and debts (debts should be divided as well) acquired during the marriage. Then you figure out the net value of the asset or debt. Then you start dividing the assets or debts and watch the total at the bottom. One spouse can take 100% of the house, while the 401K is divided 60% / 40%.

Why moving out is the biggest mistake in a divorce?

The Financial Implications of Moving out of the Marital Home The court may order you to continue making payments on the house and paying for regular expenses like utilities, even if you no longer live there. This means that you will now be paying for two homes, which can impact your budget during the divorce process.

How is property divided in a divorce in NY?

New York courts must divide the marital property equitably. That means fairly, considering the circumstances of the case and of the parties involved, but it does not necessarily mean equally. There is no statutory requirement of a 50/50 split of marital property.

How are assets valued in divorce?

Appraisal and fair market value are terms used to figure out what your property is worth in a divorce. An appraisal is a detailed report by an expert on the value of an item, like your house, a piece of art, or even your business. Fair market value is how much something would sell for on the open market.

What is wife entitled to in divorce in NY?

A: Each spouse, regardless of gender, has equal rights to marital property. If the court decides the division of assets, the court assumes spouses have an equal claim until it reviews specific factors about the marriage and contribution to assets. Then, the court will decide what a fair distribution is.

How to calculate finances in a divorce?

Collect several months worth of bills, including but not limited to, activities for children, clothing, gifts, hobbies, utilities, cable, Internet, cell phone, medical, daycare, pet care, car repair, lawn care, etc., to help determine an accurate figure for your average monthly expenses.

How to split finances when divorcing?

Here are the first steps: Separate Your Bank Accounts and Credit Cards. The first and easiest step toward separating your finances is to establish separate bank accounts and credit cards. Separate Your Non-Marital Assets. Divide Individual Debt. Educate yourself. Gather documentation. Consult a professional.