Divorce Attorneys Who Can Offer Experienced Property Division Guidance
It does not take long for a couple to acquire a wide range of assets and debts during their marriage. You may have purchased a home, a car or other valuable personal property. You may have incurred debts during the marriage.
Regardless of the length of your marriage, this division of property can be complex. It can also be an emotional issue, especially if there is a marital home and you have children.
We can help. At Angiuli & Gentile, LLP, we are committed to providing our clients with the strong advocacy and compassionate support they need at every stage of a divorce. From our office in Staten Island, we can help you understand how property will be divided in your divorce, and we can protect your rights inside and outside of the courtroom.
Dividing Complex Assets Through Equitable Distribution
During a divorce in New York, all marital property will need to be divided. This includes any type of assets and debts that you acquired during your marriage. In New York, all marital property is divided equitably. “Equitably” does not necessarily mean “equally.” Equitable distribution is premised on what is fair. You’ll need a highly qualified attorney to help you determine which factors influence a fair division. At Angiuli & Gentile, LLP, we are equipped to protect your rights with regard to equitable distribution cases.
Some of the areas of equitable distribution that we can assist you with include:
- Business interests — When one or both spouses have an ownership interest in a business, it requires special care in the valuation of the business. We work with business valuation experts to understand the full value of the business, and we work diligently to determine what part of the ownership interest is marital and nonmarital. That way, our clients receive a fair and equitable share of the marital property in divorce.
- Retirement assets — If you or your spouse contributed to a retirement fund, 401(k) or pension, that investment may qualify as marital property and be subject to division. Our attorneys can help you determine which retirement assets qualify as marital property, and we can work to ensure that the assets are fairly divided. This includes filing qualified domestic relations orders (QDROs) to have retirement funds properly divided at a later date.
- Real estate, antiques and collectibles — Proper valuation is essential when dividing real estate and valuable personal property. Our firm will work to ensure each piece of marital property is fairly appraised by valuation experts.
In addition to dividing known assets and debts, we can also assist with finding hidden assets. We will work to ensure a fair division in your divorce, through any means necessary.
New York Asset Division FAQs
As you navigate your divorce, you may wonder about how New York’s asset division laws apply to your situation. We have compiled some answers to questions we frequently receive:
Who gets the family house in divorce?
There is no easy answer to this question. It all depends upon the specifics of your situation. When couples own a home together, there are generally three options: one spouse has to buy out the other’s share, the house can be sold and the profits divided or the couple can continue to own the house together until selling it becomes more convenient.
What factors are considered during asset division in a New York divorce?
New York follows the principle of “equitable distribution,” meaning the assets acquired during the marriage are divided fairly but not necessarily equally. The court considers the following factors:
- Income and property of each spouse
- Duration of the marriage
- Age and health of each party
- Need for child support or spousal maintenance
- Contributions of each spouse to the marriage, e.g. homemaking and child-rearing
The equitable distribution principle aims to ensure a fair division of assets that reflects the unique circumstances of each marriage.
Are assets acquired before marriage ever included in the marital estate?
In general, assets acquired before the marriage are considered separate property and are not subject to equitable distribution. However, suppose these assets have appreciated in value during the marriage due to the efforts of either spouse. In that case, the court may consider the increase in value as marital property subject to division. Additionally, if the separate property has been commingled with marital assets, it may become subject to equitable distribution.
How does a prenuptial agreement affect asset division in a divorce?
A well-crafted prenuptial agreement can provide clarity and guidance on how assets will be divided in the event of a divorce. The agreement can outline which assets are considered separate property and which will be subject to equitable distribution. However, the court may still consider legal factors before determining the final distribution of assets.
We’ll Take It From Here
We can handle all aspects of your divorce and provide you with the skilled advocacy you need. Contact our firm online or call us at 347-201-4447 to schedule a consultation with a divorce lawyer.
