Marital Domestic Separation and Property Settlement Agreement no Children parties may have Joint Property or Debts where Divorce Action Filed - New York 2025

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Equitable Distribution of Marital Assets Income and Benefits: Wages, bonuses, and benefits accrued during the marriage. Personal Property: Vehicles, furniture, and other tangible items purchased during the marriage. Financial Assets: Bank accounts, investments, and retirement accounts accumulated during the marriage.
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.
A settlement agreement differs from a separation agreement as it sets the terms for the divorce, not the separation. A settlement agreement should address all central issues of the divorce. This can include things like division of marital assets and debts, child custody, and child support, as well as spousal support.
Assets are divided based on the principle of equitable distribution, which considers factors like the length of the marriage, each spouses financial contributions, and future needs. This does not necessarily mean a 50/50 split but rather a fair division based on circumstances.
Marital Property: Marital property includes assets and debts acquired during the marriage, regardless of who earned or acquired them. This can encompass real estate, savings, investments, retirement accounts, and even businesses started during the marriage. Generally, both spouses have a claim to marital property.
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Assets that may be protected from equitable distribution during a divorce are typically belong to one of two types: premarital property that has been kept from being commingled or transitioned and gifts or inheritances.
A separation agreement generally becomes invalid and void when you begin living together again with an intent to reconcile.

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