Catharine M. Venzon Divorce Law Blog on Lawyers.com

What happens to your property if you divorce your spouse?

Tuesday, June 8, 2010 by Catharine M. Venzon

Before you start the divorce process, you should understand how the real estate and assets you own will be affected. A Buffalo divorce lawyer can help you with navigating the New York state laws regarding equitable division of assets.

If you and your spouse have a prenuptial agreement, the way you chose to divide your assets would be in effect. However, not all couples have the foresight to prepare a prenuptial agreement. If you did, bring a copy of it to your divorce lawyer.

New York is considered an equitable state, which means property division is determined by equitable distribution. Equitable distribution does not mean the property or the proceeds of a sale of the property gets split in half. If you and your spouse cannot agree on how your property will be distributed, the court will determine the allotment according to what is fair for both parties.

There are exclusions to the equitable distribution law such as property that was acquired before the marriage, inheritances, and personal injury awards. How does the court determine the distribution?

The court decides the distribution of the property or its proceeds by reviewing factors such as:
Age and health of both spouses
Difficulty in ascertaining business or professional assets of either spouse
Excessively indulgent behavior by either spouse
Expenses and economical situation of both spouses
How long you both were married
Income of each spouse during the marriage and when filing for divorce
Property owned by each spouse during the marriage and when filing for divorce
Tax consequences of both spouses
The custodial parent’s living needs
The loss of inheritance rights and pensions when the divorce is final

If you own real estate, there are many things you will need to discuss with a Buffalo divorce lawyer. This can be one of the most stressful parts of a divorce, and the most difficult debt and asset division.

Venzon Law Firm - Buffalo Divorce Law Firm

300 Delaware Avenue
Buffalo, New York 14202
(716) 462-658

Posted at 16:15 PM

Topic: Divorce