Misconceptions About Divorce
If you are going through a divorce, you may be feeling worried. Most of our worries are because we aren’t informed about something. Here are some misconceptions about divorce that might help you relax a little.
Misconceptions About Divorce | Cannot Get Divorced If Not Married in NYS
You may obtain a divorce in New York State even if you were married in another state, but there are residency requirements. If both spouses are currently living in New York State and have lived here continuously for one year, either may file for divorce. If only one party is living in New York State but has lived here continuously for two years, that party may file for divorce.
Misconceptions About Divorce | Dividing My Money Down the Middle
New York is an “equitable distribution” state. Equitable means “fair,” not “equal,” but in the most cases courts divide marital assets equally, valuing the contributions of spouses who stay at home to care for a family the same as spouses who work and earn the majority of a family’s income. In some circumstances, however, a spouse can make a case for a greater share of certain assets.
Misconceptions About Divorce | I’ll Have to Sell My House
The marital house is sometimes the largest of the marital assets. If one spouse wants to retain the house, he or she must buy out the other spouse’s equity in the house, either by refinancing the mortgage or by selling off or trading other assets. This can work to the advantage of both spouses, as they’d be saving on the percentage a realtor would take if they sold the house on the market.
It may be the case that neither spouse has the cash flow to maintain the house. In other cases, if a couple goes to litigation, a judge may order that they sell the house.
If you have questions, please call our Saratoga divorce attorneys today.