NY Divorce: Know Where The Money Comes From
When a couple divorces, one of the most contentious points involves finances. While this will involve such issues as child support and alimony, financial details of a divorce often begin with knowing how to divide up property and money. However, since there are rules regarding property obtained before or after the marriage, it is important to know how money and property will be distributed once the divorce if final. Therefore, always have a Brooklyn divorce attorney on your side who knows how to best protect your financial interests during the process.
When it comes to spousal support, generally the higher-income spouse is ordered to pay alimony to the lower-income spouse. However, in divorces where both couples have incomes that are virtually equal, this can be a non-factor in a divorce settlement.
In New York, property obtained by one or both spouses during the marriage is considered marital property, and must be distributed equally among both spouses upon a divorce. Thus, if a couple has a joint bank account, real estate, or other property obtained during the marriage, the court makes an equal distribution between both spouses. However, since there is room for negotiating in these cases, working with an experienced Brighton Beach divorce lawyer can ensure your financial interests are well-protected during the proceedings.
If you entered the marriage with separate property, or perhaps obtained property through an inheritance or personal injury lawsuit, New York law does not require this property to be distributed evenly between both spouses. However, it is important to have proof of any property you consider to be separate, since the burden of proof will be on you during the divorce proceedings.