Marital property is defined as any debt or asset that accumulated during the course of the marriage. Call our Rochester attorney today for a free review!
Marital property is defined as any debt or asset that accumulated during the course of the marriage. The marriage is defined as beginning on the date that you get married and it ends on the date that one of you files for divorce. Sometimes we have a separation agreement that is entered into prior to somebody filing for divorce and in the separation agreement we can agree upon the date that marital property stopped accumulating.
Marital Property | What Happens to Our Cars in a Divorce?
Typically with your car, you’re going to keep your car and your spouse is going to keep their car and you’re each equally going to be responsible for your own expenses. If there is a loan or a lease, you’re going to pay your own car. You’re going to keep your own car. If there is a significant difference between the equity of one car or the other, we’ll take that out and apply it as a credit to the marital property in the other aspects.
Marital Property | What Happens to the House in a Divorce?
Many people are concerned about what they are going to do with their house. Typically what’s going to happen is the house is going to be sold or one spouse is going to buy it from the other. That’s going to entail going to the bank and getting it refinanced in that spouse’s name alone if it is jointly titled and paying off the other spouse’s equity in the house.
For a free initial consultation to determine the best legal and practical approaches to your divorce case in New York, contact the experienced Rochester Divorce Lawyers at the law office of Michael D. Schmitt, Esq. Let our experience work for you.