One of the main considerations when filing for divorce is the division of assets. New York is an equitable distribution state when it comes to marital property. Importantly, “equitable” is not the same as equal. “Equitable,” in this context, means that courts will distribute assets between spouses in a manner they deem to be fair and just. Taking effect in 1980, the equitable distribution of marital assets legislation has changed over time, but the fact remains that it is the division of all marital property. However, not all property in a marriage is marital; property owned by the individual is known as separate property. An experienced property distribution lawyer can be a tremendous asset in determining what is marital and what is separate property, and, from there, fighting for the best outcome possible on your behalf.
If your assets are at stake, the time to act is now. You need a seasoned Garden City divorce lawyer who understands the ins and outs of equitable distribution law, and who can work to tailor a strategy to your goals and needs. Fortunately, you are in the right place. The Law Offices of Eyal Talassazan, P.C. is here to help.
Separate property is loosely defined as property obtained prior to or outside of a marriage. Common examples of separate property include the following:
Marital property, on the other hand, is roughly defined as any property accumulated over the course of a marriage, which, in most cases, is the majority of property a couple owns. Marital property can encompass nearly anything, including the following:
In New York State, property division cannot take place until the couple files for divorce or pursues a valid separation agreement. So if a member of the couple is contesting the divorce or separation, marital assets will not be distributed until the matter is either litigated in court or resolved outside of court, such as through mediation.
Determining the worth of assets is an important part of the divorce and distribution process. While our firm often performs this duty as your legal representative, we sometimes work with experts who range from CPAs to tax accountants to appraisers of real estate or other assets, particularly if the other party is not perceived to be acting in an honest manner. These parties can play a significant role in helping us obtain a full disclosure of assets, and, by extension, a fairer distribution of assets between you and your spouse.
If you’re about to get a divorce and you’re looking to protect your hard-earned assets, look no further than the Law Offices of Eyal Talassazan, P.C. We are here to listen to your goals, and, from there, fight for the best outcome possible on your behalf. Contact us today so we can get started working on your case.