Bronx Property Division Attorneys
Our Property Division Lawyers Can Help You Get What You Deserve
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 attorneys handling your case on this matter can be invaluable. Our firm focuses exclusively on divorce and family law cases and our lawyers is familiar with how the local courts review and determine how property is managed after a divorce.
Is New York a Community Property State?
No, New York is not a community property state. New York is an equitable distribution state. Equitable distribution is a method to divide property between divorcing spouses which focuses on dividing the marital property fairly, not necessarily equally.
The judge presiding over the divorce will attempt to offer a fair outcome considering factors such as the duration of the marriage, each spouse’s age and health, and which spouse has primary custody of any children, among other factors. If you are going through a divorce, you need a property division lawyer on your side to make sure your needs are heard.
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 attorneys 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.