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What should I know about property division in a second divorce?

On Behalf of | Aug 23, 2022 | Divorce

Marriage can be difficult in New York and many unions end in divorce. For people who were previously married and got divorced, it is an act of faith and hope that a second marriage will work out better than the first one. Unfortunately, it is common for second marriages to also end in divorce.

Just as there are personal and financial concerns in a first marriage, they will come up again in a second marriage. Understanding how to address these issues is important, especially when there might be lingering payouts and concerns from the previous marriage and divorce.

Property division and a second marriage/divorce in New York

As with any divorce case, property division is subject to the laws of equitable distribution. People who went through the process before will undoubtedly understand how this works. The law will assess the case on its own merits without regard to the previous marriage and divorce. The term “equitable” does not mean equal. Some might misinterpret it as such. It means that the property will be split fairly.

Just as the first marriage might have had certain properties that the couple had before they were married and was labeled separate property and then acquired property after the marriage and is generally labeled marital property, the same will be true for the second marriage. If one person retained a marital home from the first marriage, that will remain theirs after the second marriage. If it was purchased after the second marriage, it is marital property.

Among the potential issues that will arise in a second marriage and divorce that were not in place with the first marriage and divorce are the life changes that might have come about. For example, the first marriage might have occurred when the parties were very young and just starting out in their adult life. They could have been beginning their careers and did not accrue much property. That will lessen the amount that they need to divide.

A second marriage could have happened when one or both were more established. If at the end of the first marriage, a person was starting a business that had yet to turn a profit or was working their way through school to become a professional, they will not have a great deal to split. That includes retirement accounts, investments, bank accounts, real estate, automobiles and items of sentimental value. For the second marriage, they could be more successful financially. That will change how property is divided.

Addressing the complexities of a second divorce may require experienced help

Whether the case is rife with hard feelings or the sides are relatively agreeable and even friendly, it is important to be protected. This is especially true with the financial and personal concerns of a second divorce. If negotiation is possible, so much the better. However, when it is not, it is wise to have aggressive advice to try and reach a favorable outcome.

Consulting with professionals who have accrued more than a century of experience in family law can be beneficial. Striving for fair solutions is imperative, particularly when property division from a second marriage is the focus. Having advice from those who excel in solving problems, show compassion for the person’s situation and are familiar with the worries of those who live in White Plains and the surrounding areas can make all the difference.

No matter what a person’s financial situation is, how much they own, what might have happened in the past and what the future holds, being fully prepared is essential. From the beginning, a second divorce will invite emotional, personal and financial anxiety. Calling for family law advice and representation can assuage those worries and move forward with trying to achieve a positive and acceptable result.