A NYC Divorce Lawyer's Guide
In a NYC divorce, the wife is entitled to equitable distribution — with is an allocation of marital assets, and depending on the case she may be entitled to spousal support (commonly called maintenance or alimony), child support, payment for attorney’s fees, a share of her husband’s pension and retirement accounts, bank accounts, and other marital assets. If real estate was purchased during the marriage, the wife may be entitled to a share of the real estate. If the husband owns a small business, the wife may be entitled to a share of the business. Depending on the length of the marriage and the wife’s contribution to the assets, courts commonly allocate marital assets 50/50. However, this can be altered, particularly if the wife was abused by her husband during the marriage. In cases of physical abuse, courts commonly give the wife a greater share of marital assets.
Certain assets are deemed personal property and they will not be subject to equitable distribution. Continue reading to learn more.
Contact Queens Divorce & Family Lawyers to learn what assets you will be entitled to in a divorce.
In a New York Divorce the wife may be entitled to substantial assets – such as: Real Estate, Stocks, Bank Accounts, Businesses, Pension and Retirement Accounts, and many other assets.
Equitable distribution is the division of marital property. Courts will distribute marital property based on a variety of circumstances, such as the length of the marriage, the contribution of each spouse and other factors like abusive conduct.
Contact Queens Divorce Lawyers for assistance with Equitable Distribution in your divorce case.
Marital property is typically property acquired during the marriage, such as vehicles, real estate, stocks, bonds, cash, bank accounts, pension & retirement accounts, artwork, and other assets.
Personal property are assets that were acquired through inheritance, gifts, personal injury awards, and other items. Personal property is not subject to equitable distribution, which means each spouse keeps their personal property. An example of personal property would be a motorcycle that was given to a husband for a birthday present. The wife would not be entitled to the motorcycle in a divorce case.
Yes, the wife will generally be entitled to 50% of the husband’s pension that was acquired during the marriage.
Yes, the wife will generally be entitled to 50% of her husband’s retirement accounts acquired during the marriage.
Yes, a wife will generally get a greater portion of marital assets if her husband abused her during the marriage. The severity of the abuse will be considered by the court.
An Experienced Divorce Attorney Should Represent You To Demand a Fair Share of Assets -- Especially if Abuse Occurred.
Child Support is calculated based on the income of the spouses. Watch our Child Support Calculation Video on the Home Page to learn more.
Spousal Support is awarded to a spouse prior to a divorce case when there is a significant disparity in income between the two spouses, usually at least 10% difference in incomes. The purpose of spousal support is to assist the lower earning spouse for a period of time to allow him/her to become financially independent.
Spousal support is calculated based on the spouse’s income and several other factors, such as the length of the marriage, and other factors.
Maintenance is payment that the lower earning spouse receives from the higher earning spouse after the divorce is finalized. Watch our video on the home page to learn how to calculate maintenance.
Courts typically award maintenance using the maintenance guidelines formula, unless the result would be “unjust or inappropriate.” Our video on the home page walks you through the process. Courts look at a variety of factors when considering the amount of maintenance payments, such as the income of the parties, age, earnings capacity, health, and the parties standard of living.
The wife can buy out her husband’s share of the marital home.
Appraisal of assets are typically required prior to distributing assets or a buy out.
The attorneys at Solomos & Storms, PLLC are battle tested Divorce Lawyers and Family Court Lawyers with experience in Queens, Nassau, Brooklyn, Manhattan, Suffolk and Westchester. We have substantial experience with a wide variety of divorce and family court cases. We are a veteran owned law firm – one of the founding partners, Derrick Storms, Esq., served in the United States Marine Corps in the Iraq War as a Reconnaissance Marine. We offer zealous advocacy, attention to detail, and client satisfaction that few firms can match. Our mission is to resolve cases as quickly and efficiently as possible. Call us for a free consultation at (718) 278-5900.
Areas in Queens include: Astoria, Long Island City, Ditmars, Woodside, Flushing, Bayside, Rego Park, Jackson Heights, Corona, Jamaica, Elmhurst, Kew Gardens, Whitestone, College Point, Bay Terrace, Great Neck, Kings Point, Port Washington, and all areas of Queens.
Yes, if your husband physically abused you during the marriage you will likely get a greater share of marital property in the divorce.
Maintenance is awarded after the divorce is finalized. Spousal support is awarded prior to the divorce being finalized. The payment amount is calculated the same way using guidelines. A primary factor for determining the amount is the income of the parties.
You will have the option of buying out your spouse’s share in the marital home. An appraisal will usually be required to calculate the value of the home and the appropriate buy out amount.
Spousal Support and Maintenance are calculated using the maintenance guidelines formula. Courts look at several factors. The amount of the spouse’s income is a primary factor. Watch our video on the home page to learn how to calculate spousal support and maintenance.
Child Support is calculated based on the child support guidelines. The primary factor is the amount of the spouse’s income. Watch our video on the home page to learn how to calculate child support.
The duration of maintenance payments are determined by several factors. A primary factor is the length of the marriage. Courts generally follow these guidelines:
Marriages lasting 0-15 years, maintenance will be paid for 15%-30% of the length of the marriage,
Marriages that lasted between 15 years to 20 years, maintenance will be paid for 30%-40% of the length of the marriage, and
Marriages that lasted more than 20 years, maintenance will be paid for 35%-50% of the length of the marriage.
Debt is allocated based on how it was incurred. For example, debt for normal household expenses, joint vacations, and other debt for items that benefited both spouses may be split. However, debt incurred solely for one spouses benefit may not be split.