If you are going through a divorce in New York, you will want to ensure you get a fair deal. Different laws exist for various property types, like marital property, separate property, businesses, and wasting assets. In New York, marital property is the only shared property, so it is essential to know what factors to consider when deciding how to divide it.
Also, consider how to divide your assets if you have a business. And if you have a retirement plan, you must ensure you get a fantastic deal. Divorce can be a tough one, especially if you and your spouse do not agree on who gets what. But do not worry; a family attorney in NYC can help you stay in control of what is rightfully yours.
In New York, property is divided in a fair but only sometimes equal way. That is especially true in long-term marriages with kids, where courts try to spread out assets equally. But if you have assets and are worried about keeping them, figuring out what is fair can be tricky. That is why a family attorney in NYC is here to help.
A family attorney in NYC knows what you are going through and has the experience, knowledge, and skills to protect your rights and walk you through the process of sorting out who gets what in your divorce. How can a family attorney in NYC help you with your marital property division case?
Then, keep reading, as this post provides you with that answer and more.
What is Marital Property?
It is anything that either of the spouses had when they got married. It could be just a title on a piece of paper or anything they bought during their marriage. It could be each partner’s income, pension benefits, or even property appreciation. This means anything you own, alone or with your spouse, during your marriage is marital property.
The court will not separate it, even if it is in your name. Things like pre-marital stuff, inheritances, gifts, or money from personal injury or workers’ comp cases are usually exempt. Things might not be covered if you made a deal with your spouse before or after marriage.
There is no easy way to decide whether specific properties are marital or separate. This is why talking with a family attorney in NYC is super important to help you assess your situation.
Why Do You Need A Family Attorney?
If you have ended your marriage, hiring a family attorney in NYC is a great way to ensure your assets are shared fairly. Most people think getting legal help is vital after a crime, during a divorce, or in parenting decisions. But these are not the only cases where it is crucial to get a family attorney.
When you hire a family attorney in NYC, it is easy to understand the marital property division process. They know all the details about your assets and can explain them to your spouse or others involved.
Having a family attorney in NYC in your case makes it a lot easier than if you did not have one. It is essential since you may be going through it for the first time.
How Can A Family Attorney Help You?
If you are considering hiring a family attorney in NYC but are still determining if it is a good idea, there are a few key reasons why hiring a family attorney in NYC is an excellent way to start your journey to a fair deal in your case. Here are some things a family attorney in NYC can do that can be really helpful regarding marital property division.
1. They will help you get the value of the marital properties.
Divorce is a complex process, and your family attorney in NYC knows all the ins and outs. They will create an unbiased report examining the value of art, decorations, and non-physical items. Consider how much money you could make from a bond, stock, or professional group membership.
Also, look at what you brought into your marriage and what you have gained since the end of the marriage that you view as your possessions. It is better for both of you if you can agree on how to divide property. If you cannot, the court usually decides how to divide personal property based on a legal valuation from your family attorney in NYC.
2. They will help you know the law that applies.
When dividing your marital assets, you need to know the law. There are two primary laws that you need to know: equitable distribution and community property. Equitable distribution is when property is divided fairly but not always equally. Community property is when all property is divided equally.
A family attorney in NYC can help you determine what each law means and what it means for your marital assets. Knowing the law ahead of time gives you the peace of mind that you will get a fair settlement, and it also helps you figure out what kind of property you will end up with.
3. They will help you know your rights.
Talking to a family attorney in NYC can help you understand your rights when dividing your assets under the New York matrimonial law. It is called the “equitable distribution system,” which is how you handle property after a separation. A family attorney in NYC can ensure you get everything you are entitled to under the law.
They will also let you know all the related law requirements so you can figure out which assets you need to divide. That way, you can talk from a better place when you need to talk to other people. Also, it helps you ensure you do not have to give up anything you are entitled to.
4. They will help you to negotiate.
Suppose you can agree on how your assets are divided between you and your ex-spouse. In that case, you will be more satisfied with the result since you control how your assets are combined. Also, you can save on legal costs and have a smoother divorce, which is excellent if you have kids together.
But if you are dealing with someone you cannot live with anymore, it can be tricky. That is why it is crucial to have a family attorney in NYC to negotiate on your behalf and ensure you get the best deal possible. If necessary, a family attorney in NYC can help you find the right mediator to help you agree.
5. They will protect your interest.
Having someone by your side can make the difference between a smooth and chaotic outcome if you are going through a divorce. You want someone who knows what you want out of the separation and what your priorities are when it comes to property division.
A family attorney in NYC can talk to you about your expectations and make sure they are fighting hard to get the stuff you want. When tough conversations arise, a family attorney in NYC can speak for you and represent your side in court. That way, you do not have to say something you will regret later or say something you later realize was wrong.
If you cannot agree, a family attorney in NYC can also represent you in court to ensure everything is fair.
6. They will guide you to make the right decision.
When you are going through a divorce, it is easy to make bad decisions because you are so eager to move on or because you are mad at your partner. But you want to avoid deciding how to divide your assets that you will regret later. A reasonable family attorney in NYC will guide you to make intelligent, informed decisions.
7. They will give you professional help.
Hiring a family attorney in NYC to help you with your marital property division case is a great way to get professional help. Divorcing, managing, and planning for your estate can be complicated, and most need help understanding it.
A family attorney in NYC will help you by providing professional advice on what you need to know about your property. They will also take the time to get to know you, your family, and your finances. Having a family attorney in NYC on your side can give you peace of mind, knowing that a professional will take care of everything.
Divorce is hard, but it is even more complicated when you have to figure out who gets what after you split up. It may be a simple property split, but you owe money on shared or personal property. Having a family attorney in NYC on your side is vital to ensure things go smoothly.
At Gehi and Associates, our family attorneys are well-versed in the law, the court system, and the strategies opposition attorneys use to get their clients to win. We are ready to fight for you and ensure your property division is proper.
Get in touch with us right away!
1. What is marital property?
Marital property refers to anything couples get while they are married. This could be anything from retirement benefits to a bonus from their job to stock options. Things like pre-marital stuff, inheritances, gifts, or money from personal injury or workers’ comp cases are usually exempt. Things might not be covered if you made a deal with your spouse before or after marriage.
2. Is there a particular way of dividing marital property?
You can do it yourself if you and your partner can agree on dividing the property. But if you have an agreement before you get married, it could affect how the property is divided. If you do not have any agreement and cannot agree on how to split up the property, it is up to the court to decide.
The court can either use the equitable distribution rules, which means you get a fair portion of all the marital property, or the community property rules, which mean you get an equal share of the property.
3. How is the division of property done in New York?
Marital property in New York is based on the rules of “equitable distribution,” meaning it needs to be divided fairly to both spouses, either by agreement or by the court. This is codified in Section 236B of the Domestic Relations Law. So, in a divorce case, the court must figure out how to divide up the spouses’ marital property fairly. That is different from other states, which use the rules of “community property.”
4. What is the difference between equitable distribution and community property rule?
States that apply the community property rule give each spouse 50% of all marital assets and half of all marital debts. In states with equitable distribution rules, the aim is not to give everyone the same amount but to divide marital assets and debts fairly. This is how most states divide property.
5. Do all properties of married couples become marital properties?
No. We have separate and marital properties. Individual property is anything that one of the spouses brings into the marriage or a gift (including inheritance) one gets during the marriage. It will stay separate after the divorce if it has not been combined with marital property. Marital property, on the other hand, is anything the couple got together while they were married. It is divided when they get divorced.