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Dividing assets in New York: Equitable, not equal

When you are in a marriage with a high-paying job, one of the major concerns you may have is what happens in a divorce. You know that you and your spouse have enough money to support yourselves separately, but will the higher-earning spouse need to pay alimony? How will you divide your assets?

When there is a lot on the line, it's a good idea to look closely at all your assets, when you purchased them and how much they're worth today. Getting a valuation of your property is necessary to make sure you divide it as fairly as possible.

New York is an equitable distribution state, which means that your property will be divided equitably, not equally. Since you don't have to worry about a 50-50 split, it's a good idea to start writing down what you'd like to retain from your marriage. You and your spouse should compare notes and see where you have disputes over pieces of property. If you agree on how to separate your property, then you can draw up a property division agreement with the help of your attorney. It's in both of your best interests to avoid going to court since you would have no control over how the judge splits your assets.

If you cannot come together to work out the separation of your assets together, consider mediation or arbitration. If neither will work, then negotiating through your attorney is also a feasible option. Resolving your divorce doesn't have to be difficult, but finding the right way to resolve disputes is the first step toward a peaceful resolution.

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