Are you going through the divorce process and are seeking guidance? Check out these 3 commonly asked divorce questions, then give our office a call.
1. What is Marital Property?
- Marital property is any property acquired by either party during the marriage, such as a home or automobiles.
- Property either of you owned prior to the marriage is not marital property, so if you owned a home or other property before you married – although there may be a claim to some of that separate property – it is not specifically marital property.
2. How is a Pension Treated in a Divorce?
- Many people who have pensions want to know what happens to their pension after their divorce.
- On the other hand, if their spouse is the one who has a pension, they ask if they are entitled to a portion of the other party’s pension.
- New York State employs a formula based upon the length of the marriage and how long the owner of the pension worked for that company during the course of the marriage.
- If the parties have been married and living together for 30 years, and the person whose pension is under consideration has been employed with that employer and earning a pension for the entire 30 years, each party would be entitled to 50% of the pension.
3. How are Inheritances Handled in a Divorce?
- Inheritances are generally considered separate property and, as such, need not be divided between the husband and wife.
- In situations where an inheritance that was acquired long ago has been commingled with marital funds or used to purchase a joint asset – such as a house – the answer is less clear.
- If the inheritance was kept segregated from other assets, it can often be protected from being shared with the other spouse.
Are you or a loved one going through the divorce process and are seeking guidance? Check out these 3 commonly asked divorce questions, then give our office a call to speak to one of our experienced Buffalo Divorce Lawyers and set up your first legal consultation.