New York Asset Division Attorney
Helping to Protect Your Financial Interests
When approaching the possibility of divorce, there are several issues that
must be addressed by you and your spouse. One of those issues is how your
assets will be divided. In New York, property that you and your spouse
accumulated during the time that you were married will likely be subject
to a process called "equitable distribution."
As opposed to a community property situation, all property will not be
split 50/50. There is a standard of judgment that will determine which
spouse is entitled to what property. This can get difficult, especially
if the property was used equally by both spouses. Many factors must be
considered in order to determine who has a right to what property.
At Eiges & Orgel, PLLC, we have been helping people in situations similar
to yours for more than 40 years. Our New York divorce attorneys are prepared
to protect your rights so that you aren't robbed of any property or
assets that are rightfully yours. Our goal is to work alongside your spouse's
attorney for a fair resolution, but we will not back down in fighting
for you. Schedule an initial consultation to learn more.
Have questions about how your property will be divided?
Contact Eiges & Orgel, PLLC at (347) 848-1850.
How Will My Assets Be Divided During a Divorce?
With very few exceptions, any assets or property that you or your spouse
obtains during the course of your marriage will be subject to equitable
distribution in the event that you decide to file for divorce. The court
does not take into account whose name the asset is in.
Examples of "marital" assets that can be divided after divorce include:
- Home equity
- Motor vehicles
- Closely held businesses
- Stock portfolios
- Other pension funds
- Savings for retirement
- Investments in real estate
- Savings accounts
- Professional licenses
How the Court Determines Equitable Distribution
Equitable distribution does not refer to a "50/50" property split.
Rather, it refers to property division that the court considers "fair"
according to the specific circumstances surrounding the case, such as
the parties' present and future earning capacity, current income,
age, and health. The duration of the marriage is also taken into consideration.
Many factors determine fair asset division. Question the court may ask include:
- How much property / money did each spouse have when they got married?
- How much property / money did each spouse have when they filed for divorce?
- Was either spouse awarded alimony in the divorce?
- What are the future financial requirements of each spouse?
- What is the age of each spouse? What is their physical health like?
Consideration of these factors will make it easier to conclude who is entitled
to what. In an
uncontested divorce, you and your spouse are likely in agreement, but you want to be careful
that you are not giving up something that is rightfully yours. "Assets"
don't have to be physical; they can include things like home equity,
401ks and investments.
Exceptions to New York’s Equitable Distribution Laws
In New York, certain assets are excluded from division—one of the
most common being inheritances. Whether you received the inheritance before
or during marriage, the court probably won’t consider it marital property.
Other "separate assets" that may be excluded from division include:
- Personal injury compensation
- Separate property delineated in a prenuptial agreement
- Gifts, except for gifts between each party
- Property acquired before the couple married
Contact Our New York City Divorce Lawyers
If you are considering divorce, or have already begun
divorce proceedings, it is recommended that you contact an NYC divorce attorney
at Eiges & Orgel, PLLC for help in seeking a resolution to the division
of your marital property. Our lawyers can negotiate on your behalf for
division terms that protect your legal and financial interests.
At Eiges & Orgel, PLLC, our experienced legal team provides representation
in all manner of divorce issues, including those involving asset division.
We are dedicated to protecting the financial interests of our clients
by fighting for the fair distribution of their assets, as well as ensuring
that they are not saddled with debt that isn't actually theirs.
We will fight aggressively for a resolution to your asset division matter.
Contact us for a risk-free evaluation!