Since divorce is a stressful time that creates a great of deal of uncertainty about the future, the attorneys at the Mandel Law Firm take the time needed to ensure you’re informed about the financial consequences involved. We also explain how any outstanding debt on credit cards or loans figure into the division of marital assets, and what can be done to protect you from being saddled with debt that isn’t truly yours.
In the State of New York, with a few exceptions, assets acquired during the course of a marriage are subject to an “equitable division” upon divorce. This includes assets such as equity in a home, pension funds, bank accounts, automobiles, investment portfolios, and even baseball memorabilia collections, irrespective of whose name the asset is in. It is important to note that “equitable” does not mean “equal”, but not every attorney understands this fine distinction. Our Mandel Law Firm attorneys protect the financial and legal interests of clients in divorce proceedings and negotiations involving the division of marital assets.
What Property is Subject to Division in a Divorce?
In general terms, with a few exceptions, any assets you or your spouse have acquired during the course of your marriage, up until the day you file for divorce, may be subject to division. It does not matter whose name the asset is in. If it is acquired during the marriage, it’s “marital” and subject to division. These could include any of the following:
Equity in a home
Closely held businesses
Real estate investments
What does “Equitable Division” Mean?
“Equitable distribution” does not mean “50/50 – straight down the middle.” Rather, it refers to what the court believes is an equitable distribution, or “fair distribution” of marital assets, given various circumstances including, but not limited to, the duration of the marriage, earning potential and future earning capability, as well as the health, age, and income of the parties involved.
What if I want to keep the House? My Pension Fund? My Baseball Collection?
When couples are willing to enter into negotiation, both sides have a better chance of avoiding a divorce settlement they’ll regret for the rest of their lives. If your divorce goes to court, a judge could impose terms on you that neither of you would want. In negotiation however, you’re in control of your own fate. You can propose and arrive at terms mutually agreeable to both of you. That means you can reach a compromise on the division of marital assets as well. For example, if your spouse wants to keep the family home, you can sign it over to him or her in exchange for your pension being excluded from divisible marital assets. Or, if you own property in the Poconos, you can agree to give the cabin to your spouse in exchange for other marital assets of value to you.
At The Mandel Law Firm, we will help you distinguish between what you want, and what you need, to be happy – and will help guide you and fight to obtain the assets that are most important to you.
Keeping Our Clients Balanced and Focused on What Matters Most
A divorce is almost never a pleasant experience. When people attempt to use a divorce to exact revenge on their soon-to-be ex-spouse, this often results in lengthy litigation and can exact an emotional toll on all, including children and other family members. Our attorneys go the extra mile to keep our clients focused on what is important. We prepare you for life after divorce, taking steps to diffuse potentially explosive situations that may lead to a breakdown in communication, resulting in a divorce settlement you’ll regret for the rest of your life.
Schedule Your Consultation Today – Contact Westchester and New York City Division of Marital Assets Lawyers
Know that we’re in your corner every step of the way. Contact The Mandel Law Firm online, by telephone at (646) 770-3868 to speak with our division of marital assets attorneys and learn what we can do to help you and protect your rights and interests.
Need Counsel or Help with your Division of Marital Assets in Manhattan, Brooklyn, Queens, Staten Island, the Bronx or Long Island? Contact Us Today.
To learn more about Division of Marital Assets in New York, contact us online or by calling locally at (646) 770-3868.