Asset Protection Attorney Ulster County
Equitable Distribution in a New York Divorce
One of the essential elements of any divorce, whether there are children or not, is the equitable distribution of assets and debts. New York is an equitable distribution state — not a community property state. That means that marital property is subject to an equitable split, but not necessarily an equal split. In practice, many family courts expect something close to an equal split down the middle, but there are often compelling reasons not to divide every marital asset equally.
Contact my firm, Jonathan D. Katz, Attorney at Law, to schedule an initial consultation regarding asset division and other aspects of your pending New York divorce. My years of experience with New York family law have given me the knowledge and tools necessary to represent my clients with full awareness of the many nuances and pitfalls that may turn up in the property division aspect of a divorce.
For example:
- Perhaps one spouse came up with the down payment for the marital home, but during the marriage, the mortgage was paid for with marital funds.
- The husband or wife owned the house before the marriage, but there has been a marked increase in market value of the property during the marriage.
- A woman with children may agree not to ask for spousal maintenance in exchange for title to the house that was hers and her husband's.
- A couple may agree to allow one or the other to retain ownership of the marital home with the agreement that when the house is eventually sold, the capital gains will be split. The subsequent cohabitation or remarriage of that party while still in the house, however, may be stipulated as cause to trigger the sale of the house down the road.
While statutes and legal precedents have created a set of norms in property division in New York, each case has unique facts and circumstances to be considered, such as the specifics mentioned in the examples above. Talk to me to learn how to protect your rights to equitable distribution of assets in your New York divorce.
Before you make decisions about how to divide marital property and financial assets such as investments, pensions, 401(k) or IRA plans, talk to an experienced lawyer. Contact my firm in New Paltz by phone or by e-mail to schedule a consultation.
