How are assets divided during a divorce in New York?
My former spouse and I have a house and some equity in a leased vehicle. How will these assets be distributed during our divorce proceedings?
“Since New York is an equal distribution state, your assets will be divided more or less equally between you and your ex.
Equal distribution doesn’t necessarily mean you’ll each get half of a car or house. Instead, your assets will be divided in a way that seems fair depending on the equity invested. Property that is considered separate in the marriage (such as a gift received only by one spouse) will not be considered in the proceedings.
Let’s say your spouse invested more into the car by paying the loans more often than you. It’s possible they will receive full ownership of the vehicle. This is something that you will work out with the court. If they do receive full ownership, they will need to retitle the car in their name, transfer the registration, and change their insurance policy.
While it’s adding another thing to your plate, you will also likely have to review your insurance policy as a result of the divorce. Shopping for car insurance doesn’t have to be stressful, though. Try using the free Jerry app to compare rates from the top 50 companies in minutes. Jerry will take care of all of the paperwork for you, transferring your information from your current provider and cancelling your old policy for you.”
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