New York Divorce Attorney; What’s Mine Is Yours, What’s Yours Is Mine
Although it is unfortunate, divorce is a necessary part of many people’s lives for one reason or another. According to a New York divorce attorney the number one reason couples go to court to contest a divorce is over the custody of their children and next would be the division of property.
Recent data indicates that there are nine states that have some form of community property laws on their books which govern the interests of spouses for income acquired or earned and property obtained during the marriage. In a community property state, the husband and wife are considered to own undivided and equal half interests in each item of the community property. Plus, income earned by one spouse is typically treated as if it had been earned by both parties – half by each.
New York family attorneys tell us that taxpayers living in community property states that separate or divorce are in some circumstances treated much differently for federal tax purposes than taxpayers living in common law states, especially those laws regulating retirement and pension accounts.
Under community laws, the man and women are considered to have entered into a partnership upon being married – becoming husband and wife. If this is the case then the husband and wife are considered to own equal and undivided half interests in each item of the community property owned together. Plainly stated, this means both the husband and the wife own equal half shares of the house, cars and any other type of property including a computer, dining room table, living room furniture and every single piece of property they jointly obtained while being married.
Community property laws vary greatly among the nine community property states. For example, Arizona says income earned by a spouse after a married couple has separated is considered community property; however in California, the courts would treat this income as separate property.
An uncontested divorce New York City is a rare and valuable arrangement between a couple who no longer wants to be married but can amicably divide their own property before heading to a lawyer’s office or have the courts decide who receives what of their property.