Protecting Your Marital Property: A Comprehensive Guide to Property Division in New York

As you go through a divorce in New York, one of the most critical aspects to consider is the division of marital property. The state of New York follows the principle of equitable distribution, which means that the court will divide all marital assets fairly between the parties. However, understanding what constitutes marital property, as well as the various factors that can influence the distribution of assets, can be a complex and overwhelming task. At Spodek Law Group, we are here to help you navigate this process and protect your interests throughout.

Defining Marital and Separate Property

In New York, marital property is defined as any property or assets acquired during the marriage. This includes real property, personal property, investments, cash, and bank accounts, as well as retirement accounts and other financial assets. Additionally, the state of New York also considers certain business permits and educational degrees as part of the marital estate if they were obtained during the marriage.

On the other hand, separate property is anything that was owned or received before getting married, as well as any inheritances or gifts received during the marriage. Separate property can also include assets that were acquired in exchange for separate property, as well as any appreciation on separate property that occurred during the marriage. In general, separate property is not subject to division in the divorce proceedings.

Understanding Equitable Distribution

When dividing marital property, the court will take into consideration various factors, such as the length of the marriage, the income and earning potential of each spouse, and the contributions of each spouse in acquiring the property. While equitable distribution does not necessarily mean a 50/50 split, it does aim to achieve a fair and just division of assets. At Spodek Law Group, we have experience working with clients to ensure that their contributions to the marriage are recognized and that the division of assets is equitable.

Business and Professional Practices

If one spouse owned a business or professional practice prior to the marriage, it may be considered separate property and not subject to division. However, if there was appreciation during the marriage, it may be considered marital property if the other spouse made contributions that led to the appreciation. In cases where both spouses contributed to the business or professional practice during the marriage, it will likely be considered marital property and divided equally between the parties. At Spodek Law Group, we can help you navigate the complexities of dividing business and professional assets in your divorce.

Navigating the complexities of marital property division during a divorce can be an overwhelming task, which is why it’s essential to consult a seasoned divorce and property division lawyer in NYC. At Spodek Law Group, our team of legal experts is here to guide you through the process and help you understand your rights and options. We have experience working with clients to protect their interests and ensure a fair and just distribution of assets.

Contact Us Today

Consulting a skilled divorce and property division lawyer in NYC is crucial in ensuring that your rights and best interests are protected throughout the process. Contact us today to schedule a no-obligation consultation and take the first step towards resolving your property division matters. At Spodek Law Group, we are dedicated to helping you achieve a favorable outcome and move forward with confidence.

Facts and Figures:

• In New York, the principle of equitable distribution is used to divide marital property in a divorce.
• Marital property includes any property or assets acquired during the marriage, while separate property is anything owned or received before the marriage, as well as any inheritances or gifts received during the marriage.
• Business and professional practices may be considered marital property if they were acquired or appreciated during the marriage, and will be divided equitably between the parties.

A judge will take into account various factors when determining an equitable distribution of assets, including the length of the marriage, the income and earning potential of each spouse, and the contributions of each spouse in acquiring the property.

The state of New York also considers certain business permits and educational degrees as part of the marital estate if they were obtained during the marriage.
Separate property is not subject to division in the divorce proceedings.
Consulting a skilled divorce and property division lawyer in NYC is crucial in ensuring that your rights and best interests are protected throughout the process.
At Spodek Law Group, we have a track record of success in helping clients navigate the complexities of property division in a divorce. Our team of legal experts has a deep understanding of New York’s marital property laws and the equitable distribution process, and we are dedicated to helping you achieve a fair and just outcome.

Spousal Maintenance and Child Support

In addition to property division, spousal maintenance and child support are also critical components of a divorce in New York. Spousal maintenance, also known as alimony, is financial support paid by one spouse to the other following a divorce. The court will take into consideration various factors, such as the length of the marriage, the income and earning potential of each spouse, and the contributions of each spouse in determining whether spousal maintenance is appropriate.

Child support, on the other hand, is financial support paid by one parent to the other to help cover the costs of raising a child. The court will consider factors such as the income and earning potential of each parent, the child’s needs, and any special circumstances when determining child support payments. At Spodek Law Group, we have extensive experience helping clients navigate the complexities of spousal maintenance and child support and ensuring that their rights and interests are protected.

Dissipation of Marital Assets

In some cases, one spouse may attempt to waste or misuse marital assets without the knowledge of the other. This is known as the dissipation of marital assets and can be a critical issue in property division proceedings. The court will take into account any dissipation of assets when determining an equitable distribution of property, and may even award additional compensation to the innocent spouse. At Spodek Law Group, we have experience helping clients protect their assets from dissipation and ensuring that their rights are protected.

Contact Us Today

As you go through a divorce in New York, it’s critical to have a seasoned and expert divorce and property division lawyer by your side to protect your rights and assets. At Spodek Law Group, we are committed to providing our clients with the highest level of legal representation and guidance throughout the process. Contact us today to schedule a consultation and take the first step towards achieving a favorable outcome.