New York Marital Settlement Agreement Lawyer
What is a New York Marital Settlement Agreement?
A New York Marital Settlement Agreement, also known as a Stipulation of Settlement, is a contract that you and your soon-to-be ex-spouse enter into regarding the distribution of your property.
If you have any marital property, you will need to enter into a Marital Settlement Agreement (aka Stipulation of Settlement).
Many people think that they don’t have any assets or liabilities to divide, but after reading the list below they realize that they actually do.
Types of Property Divided by a Marital Settlement Agreement
A lot of people don’t know what property, assets or debts are divisible upon divorce. New York is an equitable distribution state which means that anything deemed marital property, rather than separate property, is fairly divided by law when a couple divorces.
The types of assets and liabilities that can be dealt with in a Marital Settlement Agreement are:
- Real property or interests in real property, such as your house, co-op, condo, vacation home or investment property
- Personal property such as cars, motorcycles, jewelry, art work, property of sentimental value, furniture, antiques, electronics, recreational vehicles, boats or any other property of value to you
- Investments such as stocks, bonds or other equity stakes in companies and corporations
- Joint bank accounts held in you and your spouse’s names
- Retirement accounts such as pension funds or 401K plans
- Marital liabilities such as credit card debt, car loans, mortgages or any other marital debts
If you have any of the above assets or liabilities then you will need to enter into a Marital Settlement Agreement or Stipulation of Settlement as part of your uncontested divorce paperwork.
Retain Control of the Division of Your Assets in Your Divorce
A Marital Settlement Agreement allows you to retain control over what happens to your property rather than asking the court to get involved to divide your property “equitably.”
Many times “equitable” distribution is not so equitable in the end. Equitable does not mean 50/50, it means fair.
The court is given a tremendous amount of power and discretion in deciding what happens to your hard earned property.
If you would like to schedule a free consultation to discuss whether you need a Marital Settlement Agreement or Stipulation of Settlement as part of your divorce, please call (866) 830-2064.