Guiding You Through the Equitable Distribution Process

As you begin divorce proceedings in New York, you’ll need to consider your financial future, which will be heavily affected by how the property division step goes. During this part of your divorce case, your marital property will be divided between you and your spouse. While this process should generally adhere to the state’s equitable distribution guidelines, it’s helpful to have a skilled NYC property division attorney by your side to ensure the process is fair to you in the long run.

For this reason, you should contact the Law Offices of David Bliven to secure legal representation from an experienced team. When you hire our trusted New York law firm, you’ll receive legal support from a divorce attorney who will provide you with accurate answers to your questions and regular updates on your case, ensuring you always feel prepared for the next step in the legal process. Call our law office today to schedule an initial consultation with a compassionate NYC divorce lawyer.

How Does Asset Division Work in New York?

Any property owned by you and your spouse must go through the property division process before either of you can claim it after your divorce. Before this occurs, it is essential to understand that New York is an equitable distribution state, which prioritizes the fair and equitable division of marital assets. This means your marital estate will be divided fairly, not necessarily equally, like it would be in community property states.

To determine what a fair division means, the Judge will consider several details about you, your spouse, your finances, and your assets and debts. They will need to apply equitable distribution laws to this process, starting by identifying what’s considered separate property and what’s marital property.

In general, separate property includes property owned by you or your spouse before entering the marriage, as well as gifts or inheritance meant for one party. By contrast, marital property is defined as any assets acquired during the marriage. Only your marital property will be subject to the equitable distribution process, as you’ll each generally be able to keep your own separate property.

Once it’s clear what’s considered marital property and what’s separate property, the next step in the property division process is determining the fair market value of each marital asset. At that point, the Judge can review a variety of factors that impact property division before allocating assets to you and your spouse. If you have questions or concerns about this part of your divorce proceedings, call our New York law firm today to get answers.

What’s Considered Separate Property vs Marital Property in New York?

One of the most challenging steps of property division in New York is identifying which assets are considered marital property and therefore must be divided according to the state’s equitable distribution laws. After all, when you’ve lived in the same house for years and shared your belongings with your spouse during that time, it’s not always easy to remember who bought each item and when. This is why it’s best to have Westchester property division attorneys guiding you through the process of finding receipts, bank statements, loan documents, and other evidence to identify your and your spouse’s separate property and marital assets.

As you begin this process, keep in mind that assets and debts acquired during the marriage are generally considered marital property in New York. This is typically true regardless of who bought the asset or whose name is on it. The following are some common examples of marital assets:

• The marital residence
• Vacation homes
• Bank accounts
• Stocks and bonds
• Retirement accounts
• Mutual funds
• Pensions
• Business interests
• Collectibles
• Vehicles
• Household furnishings

On the other hand, separate property includes assets that you or your spouse owned before you got married, as well as any property meant specifically for only one spouse. Some examples of separate property include the following:

• Real property purchased by one spouse before getting married
• Inheritances passed to you or your spouse from family
• Gifts from third parties
• Personal injury awards
• Cars, boats, furnishings, and other personal property acquired before the marriage began
• Assets designated as separate property in a prenuptial or postnuptial agreement

Some exceptions may be made in certain circumstances, such as if assets acquired during the marriage were purchased with money made from the sale of separate property. If you’re facing this situation or similar complications, resulting in uncertainty whether an asset would be considered marital property or separate property, your divorce attorney can clarify this for you.

Getting answers about this issue is especially important when you have significant assets that can heavily affect your financial situation after your divorce, including business ownership. It’s also imperative to get legal help if you believe your spouse is hiding assets from you so they can keep more high-value assets for themselves. If you’re ready to get legal advice when it comes to dividing complex assets during your divorce, call our New York family law firm today.

What Do New York Courts Consider When Dividing Property?

The equitable distribution process in New York requires the divorce Judge to carefully consider several details about the divorcing spouses before determining how to divide the assets involved in the case. Some of the factors affecting property division in this state include:

• The length of the marriage
• Each spouse’s age and health
• The current income of each spouse
• The future earning capacity of each spouse
• How each spouse contributed to the marriage, including childcare, homemaking, and financial contributions
• The financial circumstances of each spouse at the time of property division, including their income, assets, and debts
• Whether one spouse will receive child support or spousal maintenance
• The potential need for one spouse to remain in the marital home to raise minor children
• The tax consequences each spouse will face after marital assets are divided
• Any evidence of financial misconduct by one spouse, such as wasteful dissipation of marital assets via gambling, affairs, or other examples of reckless spending during the marriage

Your NYC divorce attorney will help collect all the information the Judge will need before reviewing these factors. You might not be aware of some of the details that will be considered in the case, particularly if your spouse has hidden assets or marital debt from you.

This is why you need skilled divorce attorneys with forensic accounting knowledge to protect your valuable personal property during your property division dispute in New York. Our team has the resources and experience necessary to find and analyze financial records in case there are any offshore accounts or hidden assets and marital debts that could affect your case.

If you want to ensure fair division of your marital assets during your divorce, call our law office today to speak with an experienced divorce lawyer. We’ll help negotiate a settlement agreement that’s in your best interests and is likely to be approved by the court before your divorce is finalized.

How Can an NYC Property Division Lawyer Help You?

The asset division process can feel overwhelming, especially when there are substantial assets involved that you don’t want to lose, such as the marital residence or business assets. That’s why you must hire a knowledgeable divorce lawyer eager to assist you with every aspect of asset distribution in your New York divorce case.

When you contact the Law Offices of David Bliven for legal representation, you’ll talk to a team that’s been providing skilled legal guidance to New York residents for years. We can handle the complexities of any property division case in New York, with the goal of getting it resolved in a manner deemed fair for our clients. If you have questions about how a postnuptial agreement or other factors might affect your case, or if you know you’re ready to start working toward a property division order that’s in your best interests, call 914-468-0968 to schedule a consultation at our trusted law firm.