New York Equitable Distribution Lawyer

Helping to Protect Your Financial Interests in an NYC Divorce

When approaching a divorce, there are several issues that must be addressed, including how your assets will be divided. In New York, any property or assets that you and your spouse accumulated during your marriage must be divided according to equitable distribution laws.

At Eiges & Orgel, PLLC, our NYC divorce lawyers have over 60 years of collective experience handling complex property, debt, and asset division. We can carefully review the facts of your case, create a comprehensive strategy that recovers the fairest share of assets, and explain the process clearly as you go through this difficult time. Our New York equitable distribution lawyers believe in working with the other party's attorney in order to get you the best results possible, but we are also very aggressive when they are not willing to be fair.

What Does Equitable Distribution Mean?

New York is an equitable distribution state. This means, during a divorce, any assets will be divided according to what is “most fair” to both sides. This is not the same as a community property state, which splits all assets 50/50 between spouses.

Understanding Marital Property Vs. Separate Property

Understanding what qualifies as marital property versus separate property will have a significant impact on how assets and debts are divided.

Marital Property

Marital property is defined as all property, assets, and debts that were acquired during the course of the marriage. This includes:

• Home equity and real estate (family home, vacation properties, or rental properties)
• Motor vehicles
• Closely held businesses
• Stock and bonds portfolios
• 401ks
• Other pension funds
• Savings for retirement
• Investments in real estate
• Savings accounts
• Professional licenses
• Jewelry, household furniture, art, and collectibles obtained during the marriage
• Debts (mortgages, credit card balances, loans, and other financial obligations)

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.

Separate Property

Separate property refers to any property, asset, or debt that was acquired before the marriage or received by one spouse during the marriage as a gift or inheritance. In New York, separate property is generally not subject to division in divorce, unless it has been commingled with marital property or the value of the separate property has increased due to the efforts of both spouses.

Examples of separate property include:

• Property owned before the marriage
• Gifts and inheritances
• Pre-marital assets

In cases where separate property has been commingled with marital property (e.g., a spouse uses an inheritance to buy a house or invests it in a joint account), the court may determine that part of the property is subject to division.

Have questions about how your property will be divided? Contact Eiges & Orgel, PLLC asset division attorneys in NYC at (347) 848-1850.

The Process of Asset Division in New York

Dividing assets during a divorce can be challenging, especially if one spouse tries to conceal assets or claims that certain property is separate when it is not. A New York City property division attorney can help uncover any potential hidden assets and ensure that the division is handled fairly.

The process of asset division in New York involves several steps, including:

• Identifying Assets and Debts: Both spouses must disclose all marital assets and liabilities. A skilled attorney can help uncover hidden assets through financial forensics, tax returns, and bank statements.
• Valuation of Assets: Each asset is assigned a value, including real estate, businesses, retirement accounts, and personal property. Accurate valuations are necessary to ensure a fair distribution.
• Equitable Distribution: Unlike equal division, New York uses equitable distribution, considering factors like the length of the marriage, financial and non-financial contributions, economic circumstances, prenuptial agreements, and the needs of children.
• Negotiation and Settlement: Many couples negotiate outside of court to avoid trial. Our New York City asset division attorney can assist in these negotiations or help facilitate mediation or collaborative divorce.
• Distribution of Assets: After a settlement or court order, assets are distributed by transferring titles, dividing retirement accounts, liquidating assets, and paying off joint debts, ensuring compliance with the final agreement.

How Property is Divided in a New York Divorce

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. To ensure your assets are divided fairly, it is necessary to have a proper valuation.