Facilitating Property Division For Divorcing New York Spouses
Divorce can require spouses to divide and untangle the assets and property they accumulated together. Depending on the spouses’ circumstances, the division of property, wealth and assets can be one of the more complicated matters for couples during a divorce. A property division lawyer can be invaluable.
At our law firm, Fersch LLC, our attorneys have years of experience helping divorcing spouses in New York advocate for their best interests when splitting marital property. From retirement accounts to real estate, we have decades of experience in all aspects of the property division process. We can use that experience and knowledge to keep your interests front and center during negotiations.
New York Law And The Equitable Division Of Property
The state of New York abides by equitable distribution laws. New York Supreme Courts seek to ensure equitable division of marital assets and debt distribution. An equitable distribution does not necessarily mean an equal division of assets and debts.
A judge can freely determine what “equitable” means in each case. That can include the manners and proportions of assets and debts marital spouses can split. For example, retirement accounts that are deemed to be marital property can be complicated to divide. Therefore, the equitable division of these accounts will require that they are fairly divided. The value of each spouse’s retirement assets will be similar, if not the same.
Declarations Of Separate Property
Separate property does not have to be divided between the spouses. When a separate property is declared, it could consist of an entire asset. It could also be part of an asset, where one party seeks a “credit” for a specific amount from the asset that is considered marital property. This generally occurs when one spouse uses funds a court does not consider marital funds. It can also include property that a spouse owned prior to the marriage. This issue commonly arises with regard to down payments on real estate purchased during a marriage, but it can occur in any form.
No spouses’ asset and debt makeups will ever look the same. Each couple’s unique wealth portfolio will determine how a judge interprets their circumstances. In a high net worth divorce, the equitable division of property can be quite complex. These cases also have the potential to become contentious. At our law firm, our divorce attorneys can help you better understand your situation, what you can expect and how you can pursue your desired goals and outcomes.
Customizing An Approach To The Division Of Property
At Fersch LLC, we understand that the circumstances of your divorce are unique to you. We also know that how you and your spouse handle conflict may require a specialized strategy and approach. If you want to settle property disputes out of court, we can help facilitate that. You and your divorce attorney can discuss your case and determine how you wish to proceed. Some cases can be settled reasonably outside of a courtroom, however, we are more than prepared to take your case before a judge if that is necessary. However you wish to approach your case, we have the knowledge, resources, tools and skills to make it happen.
Consult A Property Division Lawyer Today
You don’t have to navigate dividing marital property alone. Our team can review your circumstances and help you choose a legal strategy that helps you advocate for your needs. Call 212-422-2660 or complete our online contact form to schedule a free consultation with one of our New York City family law attorneys today – we look forward to speaking with you.