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  1. #1
    Join Date
    Jun 2012
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    Default Dividing Marital Property in New York

    My question involves a marriage in the state of: New York

    My wife is about to file for divorce. We married in May 2005 and closed on our home in July 2005. Technically it is marital property but all of the funding for the down payment came from my savings. Her contribution was zero. Mortgage, title and all paperwork is in my name only. Bank accounts and credit cards are in my name. This did not happen by design. My wife had poor credit and was already delinquent to the tune of $40k when we met. Segregation of funds protected my assets from her creditors. We have 2 kids (12 and 6) of which only one is mine.

    My wife has not worked throughout the marriage but she recently completed her 2 year nursing associates diploma so technically she could look a job now. We settled her old debts with various creditors for around $15k. My current income is $175 base salary plus around $50k in bonus (which is never guaranteed). Because of her free spending, we have zero savings. There are two 401K accounts - one for $20k which predates her and one for around $140k which accumulated after we married.

    The two cars are in my name (we owe around $7k on 'my' car and around $18k on 'her' car)

    The home has zero equity. Current market value = $370k which is exactly the amount outstanding on the first mortgage. On top of that there is a $33k home equity loan (in my name). Credit card debt is around $25k (in my name but mostly her purchases), and a student loan of about $10k (her name).

    Realize I will have to provide child support, and possibly some type of 'alimony' payments. Retaining the house (and furniture) is an emotional issue for me even though there is no equity. So far, she has not battled on this one because she feels it would be very expensive to service the mortgage. I would rather not drag this process out. What type of monthly payment am I looking at? Can I assume that the settlement would somehow include a portion of my income to pay off our debts? In other words, my wife will be at least partially responsible for clearing our existing debts. Last, can anyone recommend a good attorney in Long Island NY with reasonable fees?

  2. #2
    Join Date
    Sep 2005
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    Default Re: Dividing Marital Property in New York

    Reasonable fees? I can't promise that. But you can try the AAML directory or a state or local bar association referral service.

    You can estimate child support here, and temporary spousal support here (the formula is not simple).

    Given the tremendous disparity between your income and your wife's likely income, assuming she finds work, I would expect that you will be bearing the brunt of the debt - either directly or through spousal support that allows her to pay 'her share'.

  3. #3
    Join Date
    Apr 2012
    Posts
    3

    Default Re: Dividing Marital Property in New York

    Having gone through a divorce just recently, I can understand you questions. Really the best bet is to figure out some agreement on how everything is going to be split, before going to a lawyer or mediator. Hopefully you spouse is willing to discuss things and hopefully come to a common ground.

    Do to the difference in incomes you will be paying for just about everything if not everything. You will even be paying for her lawyer if you each decide to get one. If discussing things is not an option, get bank records and records of all things that have happened since you got married. If you have to go to court to debate this, the records are what are going to help you out. On the NYS courts pages there are sheets that will let you figure out what spousal support is going to be and what child support is (generally I think for 2 children its 25% of your gross salary, but since one is not yours it will be less like 17%, this is if you do not retain custody of your child).

    First issue to be figured out is child custody and child support. If there is animosity between you and no discussion, it will be a contested divorce, and it would better to be the one filing for it, you can dictate the pace of it a little bit. My divorce did not involve children, but all child related issues are figured out before the divorce is handled.

    The cost of lawyers adds up quickly, especially any court date and there will be a few. you pay the lawyer for time they sit in court and travel time to and from court too. My should have been simple divorce cost me $12k+ and that was just to figure out how to split the proceeds from the marital home. And I did most of the discovery work.

    If there is any bit of doubt that you and spouse can't work out the details of the divorce, get a lawyer and try to make to get it done as quick as possible. Really think about what it is going to cost to fight over something vs the value of what you are fighting over.

    If you want to PM me I will give you the info of the lawyer that I used and what my thought are of them.

    Best of luck

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