Property Rights and Equitable Distribution
The dissolution of a marriage can be challenging, tiring, stressful, and awkward, making it all the more important that you have representation to protect your rights. Especially difficult can be the untangling of financial assets. In New York, the courts consider many factors when equitably distributing property. We will advocate for you as we come to a marital settlement agreement, the contract that separates their property. We think of creative solutions that are sometimes outside the box in order to come up with an equitable division that takes into account our clients future.
Efficiently handling property division an equitable distribution
The dissolution of a marriage can be challenging, particularly when it comes to distributing property and assets. In terms of property, New York is an equitable distribution state. This means that a separating couple’s property must be divided in a fair and equitable manner, though this does not necessarily mean that all of the assets will be divided evenly.
Before a family court in New York can divide the property in question, it needs to determine which property belongs to the marriage and which property belongs to each spouse separately. In general, New York law finds that marital property will be any property acquired or earned during the marriage, regardless of which party’s name is on the property title (N.Y. Dom. Rel. § 236 (B)(c).
Separate property will be any property that a person owned before their marriage, but it can include limited property acquired during the marriage, including a gift, an inheritance, or personal injury award (N.Y. Dom. Rel. § 236 (B)(d).
It is important to point out that separate property can become commingled with marital property throughout the course of a marriage, at which point this will be considered marital property for the purposes of equitable distribution at the time a divorce occurs.
We want to take a moment to outline just how extensive property division can be for a Manhattan or Brooklyn divorce case. Consider the following property that a divorcing couple may have between them:
- The marital home
- Any secondary homes
- Business real estate
- Investment real estate
- Pensions, IRAs, 401(k)s
- Brokerage accounts, mutual funds, bonds
- Vehicles, boats, and RVs
- Collectables and artwork
- And more
Additionally, any debt that a married couple has will also need to be equitably divided. There are many types of debt that a couple may have between them, including:
- Mortgage loans
- Automobile loans
- Regular installment loans
- Personal loans
- Tax debt
- Credit card debt
- Student loans
Contact a property division attorney in Manhattan today
If you are going through a divorce and are concerned about the equitable distribution of your property, you need to turn to the team at Randi L. Karmel, PLLC for help. Attorney Karmel has extensive experience helping individuals get through this difficult process. New York requires an equitable distribution of marital property, but this does not mean that you can go through this alone and expect fair treatment. When you need a Manhattan or Brooklyn property rights and equitable distribution attorney, you can contact us for a free review of your case by clicking here or calling us at 212-755-0224 (Manhattan).