How is a divorce settlement divided?

In New York, the law states that a divorce settlement should be divided fairly and equitably between both spouses. When determining how to divide a divorce settlement, the court will look at the contributions of both spouses, both financial and non-financial, to the marriage. This includes such things as the length of the marriage, each spouse’s financial resources, and their individual earning potential. The court takes into consideration the income and financial resources of both parties, as well as their relative contributions to the marriage. This includes contributions such as caregiving to children or aging parents, and any investments they may have made during the marriage. The court may order the division of separate property, such as the sale of a home or division of retirement accounts. In addition to the division of marital assets, the court may award spousal maintenance (also known as alimony). In certain cases, one spouse may be required to provide financial support to the other. The court looks at factors such as the length of the marriage, earning capacity, and financial resources of both spouses when determining the amount. Once the court finishes its assessment of the assets and spousal maintenance, a fair and equitable divorce settlement can be determined. This settlement should be reasonable and reflective of the contributions made by both partners during the marriage.

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