Allocating Assets At The End Of Your Marriage
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.
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.