The division of assets is something that all divorcing couples in New York must address, which is why it is useful to understand. Knowing how property is divided in New York can help couples going through the divorce process negotiate a fair settlement agreement. During the property division process, many questions usually come up.
When a couple chooses to divorce, they must reach a fair agreement about how to divide their marital property or leave it up to the judge. While this is potentially contentious for many couples, it should greatly concern spouses who own businesses. Depending on when the spouse acquired or founded the business and any protective measures taken before the marriage, the business itself may count as marital property — meaning that both spouses have some claim to it.
Spousal support can be an acrimonious part of any divorce which is why it is helpful for divorcing couples to understand how it works. Spousal support sometimes goes by other names including alimony or spousal maintenance but whatever it is called, it refers to when one former spouse pays a certain amount of money to another former spouse which is why it can be of concern during a divorce.