While it would make sense to think that property you earned the money to buy would remain yours, in a divorce, that’s not how it happens at all.
For the purposes of property distribution, the court will look at property that was acquired during the marriage as marital property, which is subject to a rule called equitable distribution.
Debts accumulated during the marriage are also subject to distribution.
You and your spouse, or the court, if you can’t come to an agreement, will then decide who will keep what property, who will pay which debts, and otherwise dispose of your goods.
Profits from things that are sold will be shared according to the agreements you make.
It may not feel fair, but the goal for the court is to see that both parties are as financially viable as possible after a divorce.
If you’re the primary earner in the household, you may find yourself subject to a variety of unexpected costs, including paying your spouse’s legal bills, support during the divorce, and maintenance payments after a divorce.
It’s vital that you reach out to an attorney as soon as possible to protect as much of your wealth as you can.
The attorneys at Zelenitz, Shapiro & D’Agostino are experienced Brooklyn divorce lawyers who win the best possible settlements for our clients.
Call us today at 718-725-9601 for a free consultation.