The Process of Dividing Property After a Divorce
During the process of dividing property after a divorce, there are many things that should be taken into consideration. One of the most important factors to consider is how long you have been married. If you have been married for a longer period of time, the property division that you will receive may be higher than if you were married for a shorter amount of time.
Length of marriage is a factor in determining property division
During a divorce, the length of the marriage is an important factor that determines how the property will be divided. The longer the marriage, the more likely that one spouse will be awarded a larger share of the marital property.
In addition to the length of the marriage, there are a number of other factors that contribute to an equitable property division. These factors include the earning capacity of the spouses and the economic circumstances of each spouse.
Protecting marital property
During a divorce, it is important to know the laws governing the distribution of marital property. New York courts require couples to divide personal property equitably. In a divorce, a judge will decide what is fair to both spouses.
Assets may be divided in a variety of ways. The court will consider how much each spouse contributed to the marital estate, and what the other spouse did to increase the value of the property. The division may not be 50/50, but it will be equitable.
If a couple has been married for a long time, the amount of money in a joint account is probably considered marital property. This includes the funds used to pay bills and to make purchases.
Hiding assets after a divorce
During a divorce, a spouse’s attempt to hide assets can be a cause for concern. They may transfer or gift their assets to family members or friends. They also may transfer funds to a foreign account. This is particularly common in high net worth divorces.
If you suspect your spouse is hiding their money, you should seek assistance from a forensic accountant or a private investigator. These professionals can uncover hidden assets and even use advanced methods to determine what they are.
The best way to find out if your spouse is hiding money during a divorce is to investigate their finances. You should request copies of financial records and tax documents. If they refuse, you can subpoena them. If they do not turn these documents over, you can pursue their assets in court.
Equitable distribution does not necessarily mean equal
Whether you are about to divorce, or are looking for a way to divide your property after a divorce, you may have questions about equitable distribution. Rather than having a judge decide how to divide your assets, you can work together to come to a mutual agreement.
During a marriage, both spouses acquired a variety of property. These include things such as homes, cars, savings accounts, retirement accounts, and businesses. However, not all assets are equally valuable. This makes it difficult to determine how to split your property.
If one spouse had a lower income, the other might receive a larger share of the home. If the couple is young, the court may delay the sale until the child reaches high school age.
Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
If you have any questions or in need a Divorce Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
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