During a divorce, property division extends beyond assets that you own. It also means dividing debt.
There is little doubt that property division is a complex part of getting a divorce. Aside from matters involving children, it is the most dreaded portion of the divorce process in most cases. What you might not realize is that dividing marital property under New York's equitable distribution laws need not be frightening.
The last time we addressed property division in our legal blog, we discussed how courts in the state divide property under the equitable distribution law. Due to the brief nature of the blog format, we were unable to talk about other important elements of property division. This post will address separate property, which a spouse may keep when the marriage ends.
As if the emotional pain of divorce is not difficult enough, it typically comes with complicated legal hurdles as well. Even couples that do not have children together must often face elements of divorce that are complex and frustrating to say the very least. Property division is one such element that can turn an otherwise simple process into a battlefield.
Are you thinking of trying to keep the house during your divorce? Is your top goal simply to keep some consistency in your life -- and the children's lives -- by making sure you get the family home?
Your 401(k) assets represent your future financial security. However, they also represent an asset that probably needs to be divided in your divorce proceedings. If you earned and saved some of your 401(k) during the course of your marriage, then the amount of those assets you acquired during your marriage will be subject to the asset division process.