Property Division Lawyer in Queens, NY

Ending a marriage is rarely a simple process, and figuring out who gets what can be a time-consuming ordeal. Dividing property is an important part of dissolving your marriage and can have impacts long after the agreement is signed. Working with a skilled family law attorney like Joseph H. Nivin can help safeguard your interests with the personalized attention you deserve.

Dividing Marital Property

Everything owned by spouses in a marriage is defined as either marital property or separate property. Marital property includes almost all property earned or acquired during the marriage and is divided between the spouses during the divorce. Separate property includes things acquired before the marriage as well as inheritances, jury awards, and gifts acquired during the marriage that were intended for only one spouse. Separate property is not divided in the divorce hearing.

Because New York is an equitable distribution state, marital property is divided in a way that is fair and equitable at divorce but not necessarily in a 50/50 split. To divide the property fairly, the judge takes several considerations into account:

Length of the marriage
Age and health of each spouse
Property and income of each spouse during marriage and at divorce
If the couple has any minor children
The likely future financial situation of each spouse

The judge will consider each spouse’s contribution during the marriage and what each spouse will need after the divorce is finalized. Division of marital property also includes household and general debts accrued during the marriage, which the judge will split up between spouses.

Dividing Property In High-Asset Divorces

When a couple has considerable assets, investments, properties, or businesses, things can get complicated. If you or your spouse owns a small business, it could be considered marital property, subject to division in a divorce. If the business was started before your marriage, it may be considered separate property and not up for division. When debt, other owners, or agreements come into play, it can be a long process to decipher who gets the business. You do not have to sift through these complicated cases alone. Our attorneys at The Law Offices of Joseph H. Nivin, P.C., are skilled at dealing with even the most complex divorces.

Equitable Distribution

Equitable distribution refers to the fair division of marital property and assets during a divorce proceeding. Unlike community property states where assets are split equally, New York follows the principle of equitable distribution. This means that assets acquired during the marriage are divided fairly, but not necessarily equally, based on various factors such as the duration of the marriage, each spouse's contribution to the marriage, and their individual needs post-divorce. For more information and legal help, 877-704-9920 or contact us online.

Is New York a Community Property State?

No, New York is not a community property state. In community property states, all assets acquired during the marriage are considered equally owned by both spouses and are typically divided equally in the event of a divorce. However, in New York, the courts apply the principle of equitable distribution, which aims to achieve a fair division of assets based on the circumstances of each case.

Property Division Lawyer FAQs:

How long does the equitable distribution process take in New York?

The duration of the equitable distribution process in New York can vary depending on the complexity of the case, the level of cooperation between the parties, and the court's docket. Generally, it can take several months to reach a final resolution, but contested cases may take longer to resolve through negotiation or litigation.

What role do prenuptial agreements play in property division in New York?

Prenuptial agreements can significantly impact the equitable distribution process in New York. If a valid prenuptial agreement is in place, it may dictate how assets and property are divided in the event of a divorce, superseding the default rules of equitable distribution. However, the court will still review the agreement to ensure it is fair and equitable to both parties.

Can inheritances be divided during a divorce in New York?

Inheritances received by one spouse during the marriage are typically considered separate property and are not subject to equitable distribution in New York. However, if the inheritance has been commingled with marital assets or used for the benefit of the marriage, it may become subject to division. The court will assess the specific facts of the case to determine the proper treatment of inherited assets.

Protect Your Interests. Contact Us Today.

If you have made the difficult decision to end your marriage, it’s important to learn what your financial life will look like when the split is complete. A divorce does not have to mean financial ruin, leaving you to pick up the pieces. Working with a skilled lawyer like Joseph H. Nivin can help you protect your assets and negotiate an agreement both spouses can agree on. Set up a consultation today by calling 877-704-9920 or contact us online.