When you are going through a divorce, understanding what you can expect to happen to your property and assets is critical to ensuring you can plan for the future. One thing many have concerns about regards their inheritance. If this reflects your circumstances, you’ll want to keep reading to learn how New York handles assets during divorces and why it’s in your best interest to connect with an experienced Nassau County property distribution lawyer who can assist you during these complicated matters to help fight for your best interest during these matters.
How Does New York Divide Property During a Divorce?
During a divorce, two kinds of assets will be considered by the courts – separate and joint property. Separate property is anything you had before or after the marriage, and, in most cases, will remain solely your property. Joint property, on the other hand, is anything you obtain during your marriage. This includes property, income, and even funds to your retirement account. These assets, also called marital property, are subject to distribution during your divorce with few exceptions.
It’s also important to understand that in some instances, separate property co-mingled with joint property can become marital property. For example, if you get married while owning a business but use funds from a joint bank account to pay for expenses for your company, this would be considered co-mingling. As such, your business would likely be deemed marital property, meaning your spouse would be entitled to a portion when dividing property.
New York is one of the majority of states that adheres to the equitable distribution method of dividing property for a divorcing couple. This means assets will be divided based on each party’s domestic and financial contributions to the marriage as opposed to being divided evenly between the spouses. As such, one party can receive a greater split of assets than the other based on their unique circumstances.
What Can I Expect to Happen to My Inheritance?
If you receive an inheritance during your marriage, you may worry that it will be considered joint property and divided between you and your spouse. However, you should note that when kept separately from joint assets, this property can be considered separate. As such, you do not have to worry about it being split between you and your spouse.
However, if you co-mingle these assets, they will be considered marital property. Placing the funds in a joint bank account, for example, will mean these funds are treated as joint property for divorce purposes. You would be unable to remove the funds you deposited before the joint bank account is split, for example.
When you are going through a divorce and need assistance, it’s imperative to connect with an experienced divorce attorney from Barrows Levy PLLC. Our team understands this is a complex emotional, legal, and financial matter, which is why we are here to help. You can rest assured that your case is in good hands so you can focus on moving on to the next chapter of your life. Connect with us today to learn how we can help you through these times.
