Property Division in a 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 15 years, 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 & 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.