Offering Skilled Legal Representation to Clients Pursuing Divorce

Dividing marital property may be a daunting task to take on, but it’s a necessary part of the divorce process that is important for you and your spouse to get right. If you’re concerned about what will happen to your home, business interests, personal property, and other hard-earned assets, you should reach out to a trusted White Plains property division lawyer at the Law Offices of David Bliven.

Our dedicated legal team understands essential family law matters that include asset division, child support, child custody, spousal support, and more. If you’re ready to talk to a legal professional who will help protect the assets that are rightfully yours, call our White Plains family law firm today.

How Are Assets Divided in New York State Divorce Cases?

New York is an equitable distribution state. This means courts strive for fair division of assets, not necessarily equal distribution of them. As such, you should not expect for each of you to automatically receive approximately half of the marital property like you might in a community property state. Instead, the court will consider several factors to determine what outcome would be equitable for both spouses.

They will begin by clarifying what constitutes marital property and what constitutes separate property. In general, marital property includes any assets acquired during the marriage, whether they’re in your name, your spouse’s name, or both. Similarly, marital debt is any debt acquired while married, which will be split equitably by the court.

You will not have to divide your separate property, which includes any assets you had before you got married. Of course, you’ll also keep any separate debt you accrued before your marriage.

There may be exceptions and complicating factors in some cases, which is why consulting a skilled legal team is advisable before dividing your assets. If you’re preparing for your divorce case in Westchester County and have questions about asset division, child support, spousal support, and more, call our firm to schedule a consultation.

What’s the Difference Between Separate and Marital Property in New York?

The main difference between separate and marital debt and assets is whether you acquired them before or after getting married. However, there are some special circumstances to note before determining what counts as marital vs separate assets.

The following are some common examples of marital assets:

• Bank accounts and cash you or your spouse earned during the marriage (so long as it’s not commingled with marital money)
• Real estate purchased while married, unless one spouse paid for the mortgage with their own money
• Personal property purchased during the marriage, such as vehicles, jewelry, or furniture
• Retirement accounts and pension plans that made money during the marriage
• Business interests you or your spouse acquired while married

This and other marital property would be subject to the equitable distribution guidelines, unless there are extenuating circumstances. By contrast, separate property remains with each party that owned it going into the marriage. Such assets often include:

• Gifts to one spouse
• Any inheritance left to one party
• Compensation from personal injury claims
• Real estate, vehicles, and personal property purchased before the marriage
• Any property outlined as separate in a prenuptial or postnuptial agreement

If you have questions about how your property will be handled during your divorce in Westchester County, call our firm for answers from a caring team.

How Are Marital Assets Divided in Family Court?

The court handling your case will review information about your finances, health, relationships, and other details of your life before deciding which assets and debts you should be granted in the divorce. Those details include:

• You and your spouse’s current income and earning capacity
• You and your spouse’s mental and physical health and age
• How long your marriage lasted
• You and your spouse’s contributions to the household during the marriage
• Any loss of pension rights or inheritance due to the divorce
• You and your spouse’s probable future financial circumstances
• Whether domestic violence occurred in the home
• Whether the parent with custody of minor children plans to stay in the marital residence
• Whether you or your spouse wasted marital assets leading up to the divorce
• The tax consequences you and your spouse will face
• Whether you or your spouse will be paid spousal support or child support

If you’re curious to learn how these factors will affect your New York family law case, contact our firm today to schedule a consultation with a knowledgeable team that has your best interests at heart.

How Can a Property Division Attorney in White Plains Help Families Like Yours?

At the Law Offices of David Bliven, we have decades of experience guiding clients through a wide variety of family law issues, including child support, child custody, alimony, and asset distribution. Whether you’re wondering how domestic violence could affect property division, need help pursuing physical and legal custody of your children, or want to know if you’ll get alimony, we can give you the answers you need.

Our goal is to help our clients achieve a fair outcome in their case, allowing them to get the fresh start they deserve after divorce. If you’re interested in learning how we can assist you, call 917-938-7827 to schedule a consultation with a trusted attorney.