During a marriage, income earned and assets acquired are presumed to be joint property of both the husband and wife, unless they are a personal gift or part of an inheritance. During the property division, marital property will be divided and distributed to the parties.
In the U.S., we love our pets. And we demonstrate that love by spending. In 2013, we spent $55.7 billion on our pets. This amount has almost tripled in raw dollars since the industry began tracking the numbers in 1996. According to the president of an industry trade group, this explosion of spending has been the result of pets being treated like "little humans."
Property division becomes more complex as the number and type of assets increase. For many New Yorkers, their home and a few bank and investment accounts encompass most of their assets that would be subject to property division in a divorce.
Divorce alters much in your life. Things you believe to be constant and unchanging, like the love and commitment of your spouse, evaporate over night. Suddenly, you are forced to deal with a long list of these changes. Everything from your income and how you pay your mortgage or rent to when you will spend time with your children will be affected.
Divorce is always complex, because it involves two individuals whose experience and worldview are always unique. While many divorces involve similar issues, they are never exactly alike, and the application of New York family law to their facts will be slightly different. In addition, each individual has their own perspective on what is important and what they expect to obtain through the divorce process.