The division of assets can be one of the most complex aspects of a divorce. Our property division lawyers have a background in finance giving you the advantage you need. Working in a with banking industry familiar with all aspects of real estate law constantly comes in handy in helping my clients with equitable distribution of property.
If you need help in your divorce regarding equitable distribution of property, contact a New York property division attorney.
We use a large network of other professionals in my property division work, including appraisers, realtors, pension evaluators, accountants, actuaries, and more. As a team we are able to appraise assets so that you can have an equitable distribution of property now.
Marital Property Division Lawyer In New York
Its up to an individual state to set rules about property division in a divorce. In New York you must evaluate whether each asset qualifies as “separate property” or “marital property”; separate property, belongs to just one of the parties, and in New York, separate property can be qualified as such even while a person is married.
For example: money received from an inheritance, personal injury settlement, is considered separate property. Anything gained during the period of marriage that can not be credited solely to one spouse is considered marital property, and must be divided equitably.
Call today to schedule a free, no-obligation initial consultation at one of our New York City offices.
n a divorce case, the concept of separate property is crucial for preserving individual assets. Whether you’re filing for legal separation or divorce, knowing what constitutes separate property can greatly impact the division of assets. Here’s a breakdown of what qualifies as separate property:
Pre-Marital Assets: Any real or personal property you obtained or owned before the marriage is considered separate marital property.
Inheritance or Gifts: Property received as an inheritance or gift from someone other than your spouse during the marriage is typically categorized as separate property.
Personal Injury Compensation: Compensation received for personal injuries unrelated to the loss of wages or earning capacity during the marriage is also considered separate property.
Exchanges: Property acquired in exchange for your separate property during the marriage retains its separate property status.
Value Increase: Any increase in the value of your separate property, except if it’s due to contributions or efforts from your spouse or yourself during the marriage, is still considered separate property.
Written Agreements: Property explicitly defined as separate property in a written agreement between you and your spouse maintains its separate status.
Separate Property & Asset Protection
During legal separation or divorce in New York State, you and your spouse have the opportunity to agree on the division of marital and separate property. If no agreement is reached, the court will intervene, conducting a trial to determine which assets fall into each category and to establish a fair and equitable division of marital property. Keep in mind that “equitable” doesn’t necessarily mean “equal” – the court aims for fairness rather than an even split.
Crucially, as long as you haven’t mixed or commingled your separate property with marital property, or transmuted separate property into marital property, your separate assets remain yours after the divorce. Similarly, your spouse’s separate property remains their own. The court will confirm this distinction, ensuring that your separate property remains with you, and your spouse’s separate property remains with them.
However, a word of caution: If you’ve mixed or commingled your separate property with marital assets, the court might consider part or all of your separate property as marital property and allocate it between you and your spouse. It’s important to note that this rule generally doesn’t apply to real estate, especially in the case of the marital home. A separate property contribution to the purchase of the marital home typically retains its separate property status, ensuring you can reclaim your contribution when the house is sold. Protecting your separate property is essential, and understanding these guidelines can help you navigate the complexities of divorce proceedings.
