Property division is one of the most significant aspects of any divorce proceeding. This is because it determines how specific assets and debts that have been acquired during a couple’s marriage will be distributed. Because the process deals with sensitive information and personal assets, having a divorce lawyer Queens service that specializes in property division can help maximize the odds of securing a fair division of property.
At Aronov Law NY, each equitable distribution attorney from our firm takes pride in securing our client’s financial futures. We strive to ensure every person who seeks our help leaves feeling more comfortable about their life after divorce. When it comes to asset division, we can take inventory of all your assets to assign a value to each item. This will help us determine how to divide your marital assets in a fair manner that benefits you.
What Assets Can Be Divided in a Queens, NY, Divorce?
New York is an equitable distribution state. This means that all assets collected during the marriage should be divided fairly rather than a 50/50 split. Assets and debts that have been accumulated during the tenure of their marriage qualify as marital assets that are up for division. Some of the most common include the following.
Real Estate
In addition to the married couple’s primary home, other real estate properties like vacation homes and rental properties also qualify as marital property if they were purchased after their date of marriage. To ensure real estate properties are divided fairly, the court will look into the fair market value of each home to determine the current value of the couple’s real estate.
Financial Accounts
Both individuals’ checking and saving accounts qualify for division as long as they were opened and contributed to during the marriage. The court will look at the couple’s bank statements and use the final balance from when the couple will divorce as the figure to divide. The court will also make sure that neither party moved funds to a different account to try to hide the real balance of their active financial accounts.
Retirement Accounts
All money put aside for retirement during a marriage qualifies for property division. This is inclusive of all retirement accounts, like 401(k) plans, IRAs, pensions, and any other personal methods used to save funds for retirement. Unless a prenuptial agreement states that both parties will simply keep their own funds they contributed toward retirement, the court will quantify the total of both individuals’ retirement accounts and divide them fairly.
Business Interests
If both parties are in business together, the court will quantify the total value of that business and use it as a piece of marital property. To reach this number, the court will take an assessment of items like the organization’s assets, intellectual property, and earning potential. Splitting the business equitably sometimes requires a creative solution. For example, one spouse might be allowed to own the business and sell some stocks to give to the other spouse.
Debt
Many couples are shocked to learn that debt is also considered to be marital property. The amount of debt that has accumulated during the marriage is split in the same way personal assets are. To ensure the split is fair, the court will look into how this debt was created and who has been taking care of it throughout the marriage. If one spouse is better suited to take care of the debt after the divorce, they may receive a larger share of the marital debt.
Personal Property
Couples also collect a large number of miscellaneous items during their marriage. This can include pieces of furniture, electronic devices, jewelry, and even the vehicles they both own. To ensure each unique item is valued correctly, an appraiser might be brought in to establish each asset’s true worth. Having this professional opinion can help ensure no item is undervalued intentionally by one spouse trying to manipulate the property division process.
How Is Property Divided During a Queens, New York Divorce?
The equitable distribution method is used to divide property when two people decide to divorce in Queens, NY. This means that all items acquired during the marriage will be divided fairly rather than equally. With the goal of helping each spouse venture into the next step of their life independently, this method aims to ensure that the division of marital assets reflects the contributions and needs of both parties involved.
What Is Classified as “Non-Marital” Property in Queens, New York?
Any piece of property that was acquired before a couple became legally married is considered “non-marital” property. These items are not required to be split as a condition of the couple’s divorce. The same applies to any assets that an individual acquires after the divorce is finalized. However, if one spouse receives an inheritance while married, it will still be considered separate property.
What Factors Can Influence Equitable Distribution in Queens, NY?
Many different factors influence how property will be equitably distributed in Queens. The length of marriage, age, health, spousal support arrangement, and annual income are some of the most highly scrutinized areas during the property division process. Marital contributions also play a large role. For example, New York courts value both financial contributions and childcare as equally important contributions to a marriage.
How Does Marital Misconduct Influence Property Division in Queens?
Marital misconduct may influence property division in Queens. Under equitable distribution, the court is instructed to divide assets based on fairness rather than equality. If there is any evidence to suggest that one partner engaged in misconduct, like adultery or abuse, it could influence the court to award more assets to the victim.
The same applies to anyone who has caused harm to the relationship due to their financial irresponsibility. The court may issue a higher award to the more responsible party.
Contact Aronov Law NY Today
While navigating the issues of property division can take a tremendous toll on your well-being, you never have to go to trial alone. At Aronov Law NY, we are prepared to offer tailored legal solutions to advocate for you. We can ensure your most prized assets are protected and split fairly under New York’s equitable distribution laws. Contact us today to begin.
