Guiding NY clients through a division of assets
When a couple gets divorced, one of the most disputed topics leading to a court case is property distribution. The process can become heated and emotional, as both parties believe they are entitled to certain assets and have a vision of how they should be split. Most of the time, parties don’t agree on how things should divide. Furthermore, both parties usually don’t agree with how the state will split their assets. If you are involved in a divorce with a dispute over asset division, contact Penichet & Alberga LLP to fight for your interests and provide you the quality representation you deserve.
New York is an equitable distribution state. Assets are divided in an equitable fashion, or what the state considers fair. This does not always mean even or equal. New York courts will consider factors of the marriage including:
- Age and health of each party
- Length of marriage
- Standard of living established during the marriage
- Income and earning capacity of each person
- Value of the property
Marital property and separate property
New York has two categories of property. The court will work to organize assets into one of these categories.
- Marital property- assets brought into the marriage or acquired during the marriage.
- Separate property- assets owned before the marriage not agreed to become marital property at the start of the marriage. Personal injury payments, gifts, and inheritance may fall under this category.
Allocation of assets and debts
When New York courts define the marital and separate property of the marriage, they will assign value to the assets and debt. Courts will consider factors that are important to the division of assets. These may include:
- Contribution to the marital property
- Financial circumstances
- Age and health of the parties
- Tax consequences
The court will take these factors into consideration and distribute marital assets and debts in an equitable fashion.
Furthermore, New York does not consider marital fault a factor in the equitable distribution of marital property. This means that no action that ended the marriage will affect the division of assets. If the grounds for divorce is based on adultery, it will not impact the equitable distribution. Economic fault, on the other hand, might impact the distribution of assets. If one party purposefully wasted assets, the court will judge against that person when distributing marital property.
Contact a White Plains attorney to guide you through your ordeal
Penichet & Alberga LLP understands that divorce and property division can be complicated and emotional. Most disputed divorce cases are related to the children or assets. Our White Plains attorneys have the compassion to guide you through your ordeal while protecting your interests. We understand you have a vision of how your assets should be distributed and will work tirelessly to help you reach your goal. We are committed to our clients and offer the personalized attention they deserve. If you are in need of quality legal services, contact Penichet & Alberga LLP today by email or by calling 914-806-6675.