Protecting Your Hard-Earned Assets During Divorce Proceedings

Part of the divorce process is separating any property acquired during the marriage, which can be confusing and stressful when you’re unsure which assets you’re entitled to. If you want to make sure you get your fair share of the marital property during your divorce case, you should hire a Bronx property division lawyer to advocate for you from start to finish.

When you request legal assistance from the Law Offices of David Bliven, you’ll have a caring team by your side to walk you through the equitable distribution process while protecting your financial future. If you’re ready to get started on your case, call our New York law office today to schedule an initial consultation with a trusted attorney.

What Should You Know About Asset Division in New York?

The first detail to know as you begin the asset division process is that New York is an equitable distribution state. This means marital property is divided fairly between divorcing spouses, not equally like it often is in community property states. As a result, it can be difficult to predict which marital assets you’ll be awarded, which is why you need a lawyer advising you along the way.

During equitable distribution, the family court judge considers both marital property and separate property before determining who receives which assets. If you have questions about what’s considered marital property in New York and how the Judge divides it between spouses, it’s a good idea to hire skilled divorce attorneys who can provide thorough answers. This is especially important if you’re worried about your financial status after the divorce. Call our law firm today for peace of mind regarding your case.

What Is Marital Property vs Separate Property in New York?

When you’ve been married for years and purchased a lot of assets during that time, it can be hard to determine what’s considered separate property and what’s marital property. But doing so is critical in the equitable distribution process, so you should work with experienced property division lawyers to make sure you’re able to keep your separate property while fairly splitting the marital assets.

In general, marital property is any property acquired after you get married. This is the case even if your name is not on it. Some examples of marital property are:

• Income earned by you or your spouse while married
• Cars, household furnishings, and other personal property you or your spouse bought while married
• Real estate purchased during your marriage
• Gifts to each other
• Business interests established while married
• Retirement funds and pensions earned while married

Such assets will need to be divided fairly during the equitable distribution process. On the other hand, each spouse typically retains their separate property, which generally includes any assets acquired before the marriage began. Some common examples of separate property include:

• Homes and vehicles purchased by one spouse before getting married
• Any gifts one spouse received from others (which were earmarked for that spouse)
• Items one party inherited from family
• Assets that were outlined as separate property in a prenuptial or postnuptial agreement
• Compensation for personal injuries

Knowledgeable property division lawyers can let you know which of your assets are separate property and which need to be divided during your divorce in New York. Contact our firm today if you’re ready to get answers on your case.

What Factors Guide the Division of Marital Assets?

During the equitable distribution process, the Judge will consider several factors to determine which items each party will receive in the divorce. They include:

• Each party’s health and age
• The length of the marriage
• Each spouse’s current income and future earning capacity
• Each spouse’s contributions to the household while married
• Each spouse’s financial situation at the time of the divorce or legal separation
• Whether one parent will have custody of minor children and needs to stay in the marital home
• Whether one party will receive spousal maintenance
• The tax consequences for either spouse
• Whether one party wasted assets before the divorce, such as by spending money from a shared bank account on gambling, drugs, or affairs

These and other factors will typically be considered before a Judge decides which spouse gets certain assets. If you have questions about marital or separate property that you may be entitled to, call our firm to discuss the details of your upcoming divorce in New York.

Why Should You Hire a Bronx Property Division Attorney?

At the Law Offices of David Bliven, our team has a deep understanding of the equitable distribution process that occurs during New York divorce proceedings. We also realize how confusing it can be to determine what’s separate property and what’s marital property, especially when you can’t remember exactly when you purchased certain assets.

That’s why we’re here to help you through the entire process of divorce or legal separation, answering any questions you have about marital and separate property, child support, spousal support, and any other legal issues you might encounter. You can rest assured that we have your best interests in mind and are dedicated to providing the answers you need throughout your case. Call 917-938-7827 today to get started.