Common Terms in Divorce You Need to Know
Divorce can be confusing. This is especially true in the event of a contested divorce, where assets, alimony, and other considerations can lead to headaches and endless rounds of legal wrangling. What, though, can you expect after the divorce is settled? Here are some of the more common terms of divorce settlements that you need to know.
Distribution of Marital Assets
Under State of New York law, the majority of assets that are acquired during a marriage are subject to an equal division in the event of a divorce. When a marital settlement agreement is reached, it provides clear provisions pertaining to the ownership of all communal property assets, including:
- Family residence
- Family-owned businesses
- Retirement accounts and rights to retirement income
- Bank accounts
- Real estate
- Any personal property
Allocation of Joint Debts
Like marital assets, in New York, all debts acquired during the course of a marriage must be equally divided in a divorce. Often, when one spouse receives a particular asset, such as the family home, they also accept the debt liabilities which come with it (the mortgage). This does not mean, however, that there aren’t difficulties associated with the allocation of debt. A creditor, for example, could still attempt to go after both parties over a debt in the event of a default, regardless of the divisions agreed upon.
Examples of common debts which are allocated in a marriage settlement agreement include:
- Auto loans
- School loans
- Credit card debt
Maintenance, another legal term for alimony, is one of the biggest issues contained within a marriage settlement agreement. Any alimony agreement will answer the following questions:
- Who will pay maintenance?
- How long will maintenance payments be paid?
- How much will be paid?
- What is the payment schedule?
- What conditions can result in the termination of maintenance payments?
When you have children, their care and other child-related issues are most likely the most important and heavily contested issues involved in the divorce process. A marriage settlement agreement will likely include clear and comprehensive provisions relating to the care and maintenance of your children, including:
- Living arrangements
- Child support payments
- Other relevant expenses, such as tuition, hobbies, etc.
Because the situations pertaining to each divorce are unique, before you undertake any actions in your divorce settlement, be sure to contact an experienced divorce attorney right away. Their knowledge and experience can be critical to ensuring you get the best possible outcome from your divorce.
Contact an Experienced New York Divorce Attorney Today
Filing for divorce can be a difficult decision to make but selecting the right attorney doesn’t have to be. Brian D. Perskin & Associates P.C. is one of the most trusted names in New York when it comes to divorce litigation. Brian and his team are aggressive, experienced, intelligent, strategic and most importantly, compassionate. They work diligently with clients and customize representation strategies to fit their individual needs. So, if you’re looking for a divorce attorney who will fight for you, call Brian D. Perskin & Associates P.C. today at 718-875-7584 for your free consultation and learn why we’re New York’s premier divorce law firm.