Port Chester, NY asked in Divorce for New York

Q: Need some info on getting a divorce in New York state.

Joint ownership Three family house. I am self employed. I was the stay at home care giver for one child from birth till now 17 year old girl. My wife is employed and has a 401 plan in her name only with me as beneficiary. We have no savings and have big debt. I have no retirement. What are the New York State laws on splitting assets.

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2 Lawyer Answers
Howard E. Knispel
Howard E. Knispel
PREMIUM
Answered
  • Commack, NY
  • Licensed in New York

A: New York State laws on assets in a divorce are complicated and in the Equitable Distribution Law. It would be impossible to give a thorough answer on this forum. You should speak to a lawyer so you can go over all of the specifics of your case. There may be issues regarding support, retirement accounts and other matters that will affect you and your spouse.

Lawrence Allen Weinreich
Lawrence Allen Weinreich
Answered
  • Garden City, NY
  • Licensed in New York

A: As a general rule, assets and liabilities are split 50/50 in a long term marriage. However, the court can change the split depending on the specific facts of each case. You need to speak with a local lawyer and go over the facts particular to your case to get a more accurate picture.

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