New York divorce lawyer Richard Shum (https://www.romanshum.com/blog/is-new-york-a-community-property-state-for-divorce/) of the Law Office of Richard Roman Shum has released an informative article on whether New York is a community property state for divorce. In the article, Richard Shum sheds light on the complex issue of property division in a divorce case and the principles of equitable distribution that apply in New York.
According to the New York divorce lawyer, navigating the complexities of property division in a divorce can be challenging. “Ensuring your rights are protected and you receive a fair distribution of assets is critical in a divorce case,” he said. “With the help of an experienced New York divorce lawyer, you can be better prepared to navigate the divorce process and protect your financial interests.”
The article from the New York divorce lawyer goes on to explain that while New York is not a community property state, the division of marital property in divorce cases is still an important and complex issue. Marital property is divided based on the principle of equitable distribution, which means that property acquired during the marriage will be divided in a way that is fair and equitable, but not necessarily equal.
Richard Shum explains that in New York, the Domestic Relations Law sets out the rules for the division of marital property in divorce cases. The law defines marital property as any property acquired by either spouse during the marriage, regardless of how the property is titled or held. Separate property is protected from division in a divorce, but if separate property is commingled with marital property, it may lose its status as separate property and become subject to division in a divorce.
The article also outlines the factors that courts consider when dividing marital property in a divorce case. These factors include the income and property of each spouse at the time of marriage and at the time of the divorce, the length of the marriage, and the age and health of the spouses.
Other factors also include the need of the custodial parent to occupy or own the marital residence and to use or own its household effects, the loss of inheritance and pension rights upon dissolution of the marriage as of the date of dissolution, and any equitable claim to, interest in, or direct or indirect contribution made to the acquisition of such marital property by the party not having a title.
Richard Shum emphasizes that the goal of equitable distribution is to arrive at a result that is fair and reasonable under the circumstances of the case. “Equitable distribution does not mean equal distribution,” he said. “It is important to work with an experienced family law attorney who can help you understand your legal rights and options.”
Lastly, the article provides valuable information on the division of marital property in a divorce case in New York. It emphasizes the importance of working with an experienced New York divorce lawyer to protect the individual’s financial interests and navigate the complexities of the divorce process.
About the Law Office of Richard Roman Shum:
The Law Office of Richard Roman Shum is a leading family law firm in New York, providing quality legal assistance and services aimed at helping New Yorkers navigate the complexities of divorce and family law. Their team of skilled attorneys has extensive experience in divorce and family law matters, including child custody, child support, spousal support, property division, and more.
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