What Happens To My Property During Separation or Divorce?

 

What is this thing called Equitable Distribution we hear about in marriage and divorce?

Robyn D. Weisman, Esq.

                      

So many of my clients have asked me, “I get half of everything right?”, or “Everything we own is community property”. Well, this is an often mistake that people believe in New York. New York is an equitable distribution state when dividing property during divorce. What does that mean? It means that all marital property will be distributed equitably, which is a fair division of all the assets and debts acquired during the marriage. So to figure this out, we have to decide whether specific possessions or assets qualify as separate or marital property. This will determine how property will be divided during a divorce.

What is considered separate property?

* Property either spouse acquired before the marriage began

*Property received individually by a spouse as a gift or inheritance
*Compensation for personal injuries
*Property which has been designated as separate property in a legal prenuptial agreement or written contract
*Property obtained from the proceeds or appreciation in value of separate property

If something is qualified as separate property it is not subject to division during the couple’s divorce. You are entitled to keep your own separate property unless the property has increased in value due to a spouse’s contributions.

What is considered marital property?

*The incomes of both spouses
*Any property purchased with the parties income
*Any property purchased during the marriage, such as a home or vehicle
*The appreciation of all marital property during the marriage (and potentially separate property appreciation)
*The retirement benefits earned by each spouse during the marriage

Marital property includes any property obtained by both or either spouse during their marriage. This property is subject to division during the divorce.

Once the property has been designated as separate or marital then the fair distribution can occur. Various factors are taken into consideration when distributing assets including the incomes of the parties prior to and at the beginning of the divorce, duration of the marriage, need to occupy the marital home, loss of inheritance or pension rights, maintenance awards, future financial circumstances of each spouse, tax consequences, dissipation of assets, contributions as a non-wage earner to the income of the spouse and home, and the character of the property itself.

Mediation is the best way to decide together the most “equitable” way to divide the assets fairly and creatively so that it works for both parties involved.

Contact Divorce Mediation & Family Services of New York for more information, 631-465-2140 with offices in Nassau County, Suffolk County and now Manhattan 

1-877-WE MEDIATE www.divorcemediationandfamilyservices.com



Disclaimer: The information obtained at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.

 

How Will My Separation Affect My Children during the Covid period?
                 
It’s hard to predict, but it’s essential to prepare.

                  
Back to school after the holidays and cases are rising. Hopefully an end is in site to our Covid dilemmas.

Many school systems have been working within a system that alternates days physically spent at school with remote learning. This is referred to as a hybrid model.

Now parents have to update their own plans for education, supervision, and co-parenting.

It’s stressful for everyone, but divorce and children who live in two homes make it even more complicated. Divorce agreements did not envision COVID. Parents are scrambling to find workable solutions. Parents need to work together even more effectively now to help their kids learn and grow.

Parenting Plan: Most parenting plans until now only considered where children will be after school or day care. Now plans need to address where kids will learn during the day; how they will be supervised; and how they will get to and from school (busing, parent or caregiver pickup) and each parent’s home.

Child Care: Child care options are quite limited now. All day options for preschoolers and wrap-around programs for school aged kids are less available. Parents are looking for child care providers who will come to a home (or alternate between the parents’ homes). These providers may also handle supervision and outdoor activities for children whose parents work from home.

Previously, child-care expenses were often quite small because kids were in school full-time. Now, supervision may be an added expense in a difficult economic time.

Child Support: Before COVID, parenting was pretty much about evenings and weekends. What might have been a 50:50 parenting plan is now quite different when children are at one house for most of the daytime hours. Expenses are different and child support might need to be reconsidered for this time period.

Quarantine and Illness: While parents have been concerned about illness and COVID risks, not many have had to quarantine due to exposure. If a class or school requires a quarantine, how will that affect the children, their parents, and other caregivers or arrangements

I encourage parents to discuss these issues as soon as possible. As the COVID situation has evolved, further changes may be needed.

Mediating a new parenting plan or drafting a parenting plan by those going through divorce or separation necessitates a discussion on these issues.

Mediation is a great way to create an agreement that works for the couple and the family. An experienced mediator who is also an attorney would be in the best position to explain the law and the options available.

Robyn D. Weisman, Esq., Attorney, Mediator, Collaborative Lawyer, Director of Divorce Mediation & Family Services of New York, Ltd. 1-800-WE MEDIATE with offices in Melville and Long Beach, New York soon to be opening an office in Manhattan as well.