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 New York City divorce attorney on your side who knows how to best protect your financial interests during the process.

Spousal Support 

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.

Marital Property 

In New York, property acquired by one or both spouses during a marriage is generally considered marital property and may be subject to equitable distribution in a divorce. If a couple shares a bank account, real estate, or other marital assets, the court will determine how those assets should be divided. Because these matters often involve negotiation, working with an experienced New York City divorce lawyer can help protect your financial interests throughout the process.

Separate Property 

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.

To ensure your financial rights are protected each step of the way during your divorce, hire the services of New York City divorce attorneys at the Levitsky Law Firm.