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Peter Persaud's Blog
DIVORCE IN NEW YORK STATE REAL PROPERTY LAWS
Posted On: March 30th, 2024 10:22PM
New York is an equitable distribution state, which means that property is not automatically divided equally between spouses during a divorce. Instead, the court considers 13 factors to determine how to fairly divide property, including:
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Marital property: All property acquired during the marriage, including vehicles, furniture, artwork, and businesses
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Contributions: The income and property of each spouse at the time of marriage and divorce, as well as indirect contributions like homemaker duties and contributions to the other spouse's earning potential
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Age and health: The age and health of both spouses
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Inheritance and pension rights: Whether each spouse loses these rights due to the divorce
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Separate property: Each spouse keeps their own property
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Debt: Each spouse is responsible for paying back a portion of their marital debt
FORECLOSURE NEW YORK STATE
Posted On: March 30th, 2024 10:18PM
The real estate foreclosure process in New York is a judicial procedure, which means that the lender must file a lawsuit in court to foreclose on a property. This process begins with pre-foreclosure, where the homeowner is notified of the default and given an opportunity to rectify it. If the default is not cured, the process moves to a settlement conference, designed to find a resolution before legal proceedings. Should these efforts fail, the lender may obtain a judgment of foreclosure and sale, leading to the auction of the property. The final step is foreclosure eviction, where the new property owner can obtain possession of the property. It's important for both lenders and homeowners to understand their rights and obligations throughout this process, as it can be complex and time-consuming.
