Determining The Division Of Assets During Divorce
The division of assets, including how property, real estate, debts and pensions will be distributed, is a topic that often causes heated debate in a divorce. Without a prenuptial agreement to fall back on, many couples are subjected to the review of a New York State Supreme Court Justice to determine what will come.
What Is Considered “Marital Property” In New York?
Marital property is any property that was obtained during the course of the marriage by one or both parties. They may include:
- Certain pensions
- Real estate
If you and your spouse are unable to determine how property should be distributed in the event of a divorce, a skilled divorce lawyer needs to be contacted. We can represent clients through all types of divorce conflicts, from uncontested to contested divorces.
How Will Property Distribution Be Determined?
In determining equitable distribution, a judge looks at a few factors, such as:
- The amount of property or debt that each party brought into the marriage
- The amount of assets each property obtained during the marriage
- Any gifts that may have been given from one spouse to the other
- College degree and professional licenses
- Property that is deemed to be marital property may be subject to division
How Is Marital Property Divided In New York?
Most people assume that the property will be divided equally based on the physical value, but this is not always true. Property is distributed based on monetary value, and some property or assets may even be sold to ensure that debts and taxes are paid off. If the property or assets are subjected to equitable distribution, each party may have the chance to make an argument that the property is actually theirs.
With the help of a family law attorney, you can show evidence that an asset or property was actually earned by you and therefore should be yours in a divorce. Whether you are facing a high asset divorce or simply want to ensure that your property is divided fairly, it is important to remember that every case is unique, and the circumstances surrounding it may be different, so it is important that you always work with a lawyer.
The distribution of assets can be difficult to understand, and the laws surrounding marital property and how it can be divided can be confusing. Never navigate the waters of the New York family law court alone! If you are facing a divorce or if you are concerned about how your property will be divided after a separation, do not hesitate to contact Smith and Messina, LLP, for a free case evaluation. Call 716-648-1400 today.