Divorce always comes at the cost of mental peace, and it’s never easy. However, when you are going through an international divorce, things can become all the way more complicated. Especially when it’s in New York, where there are comprehensive divorce laws, splitting assets can become overwhelming. NYC being a global financial hub often sees international divorce cases, but before you reach out to the top divorce attorneys in Manhattan, understanding the state’s laws regarding asset division is crucial. So, without further ado, here’s a guide on everything you need to know about dividing assets in an international divorce.
New York’s Equitable Distribution Law
Every New York complex divorce lawyer will first make you understand about the “equitable distribution” model of New York while dividing marital assets. No, this doesn’t necessarily mean that assets are split 50/50; it means that the court divides assets in a way that’s fair, considering different factors, such as:
- each spouse’s income
- contributions to the marriage (both financial and non-financial)
- the length of the marriage, and
- future needs
So, while some states go for a straight-down-the-middle approach, New York takes a more detailed and nuanced view of fairness, when it comes to dividing assets in international divorces.
What Counts as Marital Property?
Before you seek international divorce representation in New York, you need to understand what marital property is. So, in NYC, marital property includes all assets acquired by either spouse during the marriage, regardless of whose name is on the title. This means that real estate, bank accounts, investments, retirement funds, and even personal belongings that were purchased or accumulated during the marriage are considered marital assets.
However, there’s an important exception that you need to know: separate property is excluded. Separate property includes things like assets owned before the marriage, inheritances, or gifts that were given to one spouse during the marriage, as long as they were not mixed (e.g., putting an inheritance into a joint bank account).
International Assets in a New York Divorce
Now, let’s throw in the international twist. If you or your spouse owns property or assets abroad, New York courts can still consider these when dividing assets. The tricky part is tracking them down and determining their value. Real estate in another country, foreign bank accounts, or investments made abroad can all come into play during divorce proceedings.
The process of valuing and dividing international assets is complex and may require the involvement of financial experts, appraisers, or even international law specialists. It’s important to note that New York courts can only control assets located within the U.S., but they can still make orders about assets abroad. For instance, if one spouse has a vacation home in another country, the court can assign its value to the spouse who owns it and adjust the division of other marital assets to balance things out.
Jurisdiction Issues
When you reach out to a NYC or for that matter Queens divorce lawyer, you also need to understand jurisdiction issues. If you or your spouse is living abroad, there might be a question of whether New York has the jurisdiction to handle your divorce. For a New York court to have jurisdiction over a divorce, one of the spouses must meet the residency requirements, which typically means that one of you has been living in New York for at least a year before filing. However, even if you or your spouse resides abroad, New York may still have jurisdiction if other legal requirements are met.
The Way Forward
If you have a prenuptial agreement in place, it can play a crucial role in dividing assets, especially in an international context. A well-drafted prenup can simplify the process by outlining how assets, both local and international, should be divided in the event of a divorce. However, the prenup must comply with New York law and be deemed valid by the court.
Looking for uncontested divorce lawyers in Brooklyn, NY? Reach out to the team at Multi-Jurisdictional Divorce PLLC today!