Property Division & Equitable Distribution
Our Bronx Divorce Attorney Can Help Get Your Fair Share
Keeping your financial security following your divorce should be a top
priority in your divorce plan. New York is an equitable distribution state,
which means that the division of marital property is not an automatic
50 – 50 proposition. Having our experienced divorce attorney handling
your case on this matter can be invaluable. Our firm focuses exclusively
on divorce and family law cases and our lawyer is familiar with how the
local courts review and determine how property is managed after a divorce.
Equitable Distribution and Marital Property in New York
Under equitable distribution, the division of property is done as fairly
as possible, taking into consideration the financial status of each party
along with a number of other factors. Because of this, it is more flexible
but also can be more difficult to predict.
Depending on your situation, many things may need to be considered. These include:
- Retirement plans
- Health insurance
- College tuitions for children
- The marital home
- Expenses for children living at home
What if My Spouse and I Can’t Agree?
If you and your spouse cannot come to an agreement, the courts will decide for you.
The court takes into consideration many factors about how to divide your
property. These include:
- How long you have been married
- Any income or assets brought to the marriage by either spouse
- The income and earning power of each spouse
- The economic situation of each spouse following the divorce
- Who will be taking care of any children
In very complicated financial, asset, and property situations, it is important
to have an attorney who thoroughly understands the issues and works with
you. We can help you with all of the legal details, such as locating and
valuing property and negotiating the best possible settlement arrangement
for your case.
What Property is Considered Separate and Not Subject to Equitable Distribution?
Any property that is acquired by one of the spouses as a gift or through
an inheritance designated to them only, property acquired by either party
prior to the marriage, property that is excluded by agreement between
the two parties, and property acquired after a legal separation decree.
If you need legal assistance with the divorce-related issue of the division
of marital property and debts in the Bronx, we urge you to contact our firm
for a free legal consultation.