Marital Assets

If you are getting a divorce and have questions about marital assets, check out this article for guidance. Then, call our office today to get started on your case.

Marital AssetsWhat Happens to the House in a Divorce

  • When you go through a divorce, the house is either sold on the market or one spouse will purchase the other’s half, and refinance.

What Happens to Your Cars in a Divorce

  • Many times in a divorce, each spouse will be able to keep their own vehicle and will be required to continue paying the loan if there is one.
  • If one vehicle has more equity than another, we can address the issue with extra credit in other areas of the marital property.

Your Spouse’s Retirement Plan

  • If you have accumulated your retirement plan throughout the course of the marriage, this is considered marital property.
  • If part of the money was made prior to marriage, that amount will be removed from the shared portion.
  • If one spouse has a large difference between the two accounts, ask your attorney we can file a Qualified Domestic Relations Order.

How the State Calculates Spousal Support

  • New York State bases it’s spousal support calculations on a formula.
  • The payments will be based upon your income and your spouse’s income.
  • Short term marriages, generally do not see spousal maintenance as a factor.

Read Our Free Family Law Guide

Are you getting a divorce and have questions about your marital assets? Contact experienced Rochester Divorce Attorney Michael Schmitt for trusted help.

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