The divorce process can be stressful for various different reasons. Many divorcing spouses worry about the logistical side of the proceedings, which could be confusing if you are unfamiliar with divorce law in general. Thankfully, highly experienced law firms like ours are here to help! One of the most important decisions in a divorce is how shared assets will be split between spouses. Continue reading this blog to find out about how property division arrangements are decided in New York and whether they can be changed down the line. Feel free to reach out to a talented Property Distribution Attorney in Bohemia, NY for individualized legal counseling.
CAN A PROPERTY DIVISION ORDER BE ALTERED AFTER A DIVORCE IS FINALIZED?
Most of the time, no. Once a property division order is finalized in court, the order must be followed no matter what happens. The only real exceptions would be if one spouse hid assets during the divorce process or if the judge made a mistake in the legal order. You should take careful consideration when making property division decisions.
HOW ARE ASSETS DIVIDED BETWEEN SPOUSES?
New York follows an equitable distribution model, meaning marital assets should be divided fairly (but not necessarily 50/50) between both spouses. In many cases, spouses can decide on property division arrangements themselves, usually with the help of a divorce attorney or mediator. If not, a judge will need to determine how property is divided between a divorcing couple. The judge might take these factors into consideration:
- The length of the marriage
- Prenuptial and postnuptial agreements
- Alimony arrangements
- Each spouse’s financial status, including annual income, debts, trusts, inheritances, and potential earning capacity
- Child custody and child support arrangements
- Each spouse’s age and health
- Each spouse’s contributions to the marital property
- Potential tax consequences
CAN ANY OTHER DIVORCE ORDERS CHANGE?
While property division arrangements cannot be altered, other important divorce decisions could be modified depending on the circumstances. This is most common for divorcing spouses who had children together. Child custody and child support arrangements are highly dependent on each spouse’s current living conditions, which could change as time goes on. For example, a spouse paying child support may need to pay a higher amount if their annual income greatly increases.
Are you currently in the midst of the divorce process? If so, you might have a lot of questions about how your marital property will be handled during the divorce process. The good news is that our knowledgeable legal team has all the answers you’re looking for! Contact the Law Offices of Susan A. Kassel today for an initial consultation.