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New York City Asset Division Attorney
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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 60 collective years. Our 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.
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.
What are the 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
Choosing a NYC divorce lawyer is an investment in your future. You need an attorney that knows and understands the intricacies of the law. The divorce attorneys of Eiges & Orgel, PLLC have the experience you need to protect your interests.
According to the New York equitable distribution laws, retirement benefits that are earned during the marriage are to be divided in divorce. In order to determine the amount of the benefits that go to the non-employee spouse, the court uses the Majauskas formula.
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