Syracuse Property Division Attorney
Asset & Property Division in a Syracuse Divorce
When a couple divorces in New York, the issues regarding the division of
property can be more complex than anticipated. While an even 50/50 split
is theoretically possible, it is rarely the case. The judge will weigh
numerous factors to allocate a couples assets and debts equitably. Often,
it is the debate on just what constitutes a fair division that creates
a lengthy, complicated, and sometimes contentious proceeding.
As an experienced
Syracuse divorce attorney, I can provide
the insightful representation and ardent advocacy you require to protect your rights and needs during the property division
process. Whether your divorce is proceeding amicably or has evolved into
a contentious battle,
my firm can offer the strategic legal counsel you require as your property is distributed.
Classifying Types of Property
Before any type of property is allocated, it must be classified as either
separate or marital. Separate property will stay under the ownership of
the spouse it currently belongs to. The remaining and debts are designated
as marital property and will be subject to division. Complications can
arise when separate property was either consumed or supplemented by the
opposite spouse during the course of the marriage.
Generally, state law regards the following as separate property:
- Property either spouse obtained before the marriage, including any accrued interest
- Inheritances or gifts solely acquired by one spouse
- Personal injury compensations
- Property designated as separate in a valid prenuptial agreement
Equitable Property Distribution in Onondaga County
Once the separate property is put aside, the process of equitable distribution
begins. This can be exceedingly complicated, especially in high-asset
divorces. Identifying all assets and debts including businesses, real
estate holdings, and retirement accounts involves a thorough and insightful
assessment. Once the complete financial portfolio of a marriage is ascertained,
all items are assigned a monetary value.
For more than a decade, I have been guarding the interests of my clients
throughout their divorce proceedings, especially during property division.
As a seasoned Syracuse divorce attorney, I am well aware of the
issues a judge will consider when settling a division of marital assets. These can include:
- The length of the marriage
- Age, health, and income of each spouse
- Any child custody and / or alimony orders
- Each spouse's projected earning capacity
- The liquidity of marital assets
- Whether either spouse has unnecessarily depleted any assets
- Tax ramifications
Discerning and Resolute Advocate
Regardless if your divorce is contested or amicable, you need
discerning legal counsel to decipher the intricacies, address your concerns, foresee possible difficulties,
and diligently advocate on your behalf. I recognize the entanglements
and complexities involved in property division and can provide the resolute
and experienced representation required to safeguard your interests. Throughout
your negotiations and litigation, if necessary, I can offer the understanding
and formidable legal counsel you need.
To schedule a
personal consultation, simply
contact my firm today.