Property Division: When Your Marriage Ends, Make Sure You’re Taken Care Of
When a married couple goes through a divorce, the most important priority is always to determine how the couple’s children will be affected. Parents may quarrel with each other in the divorce process over child custody issues, but it is not the only issue that can spur disagreement.
Another hot-button issue in New York divorces involves the distribution of marital property. Couples who have been married for almost any length of time will have acquired assets and possibly debt during their marriage that will need to be split up. This property division can be contentious, so having a skilled family law attorney behind you can be advantageous.
What Kinds Of Property Do I Have?
While real estate, such as a house, is obviously property, the term refers to more than just real estate or items inside the family home. Three of the biggest areas of concern for many people are:
- Housing. A couple might elect to sell their home and split the proceeds. Alternatively, one ex-spouse might remain living there, particularly if that’s where the children are also residing.
- Spousal maintenance. An earning spouse may be required to provide support, known to many people as alimony, depending on the particular situation.
- Retirement benefits. Pensions, 401(k) accounts and IRAs might need to be redistributed.
Splitting up retirement accounts can be a difficult process with a lot of paperwork involved. Having an experienced Oswego lawyer to work with can ease the headaches that this paperwork can create.