The division of marital assets is a critical challenge during the divorce process. Although a handful of couples manage to amicably settle the distribution of their property, a majority face complex issues, particularly in divorces involving substantial assets. Navigating the process requires the guidance of a seasoned family law attorney to protect your rights and interests.
At The Saul Law Firm, we regularly advise clients on Long Island about the division of marital property. We have comprehensive knowledge of the applicable rules governing marital assets and will work to protect your property rights and secure your financial future.
While disputes over marital property can often be resolved amicably, we are well-prepared to litigate when the need arises. Above all, you can depend on us to achieve the best possible outcome. Call us today to schedule a consultation.
How Is Marital Property Divided on Long Island?
Under New York State’s rules of equitable distribution, marital property is subject to a fair and equitable division, though not necessarily an equal one. Deciphering the total value of marital assets and deciding their allocation can prove to be complex.
This makes it wise to work with an astute Long Island & New York divorce lawyer who understands the intricacies of dividing marital assets. You need someone with the legal knowledge and skills to secure a just and fair settlement and the readiness to represent you effectively in court, if necessary.
Trust the experienced property division attorneys at The Saul Law Firm to ensure you are treated fairly in the divorce decree.
Defining Marital Property
It’s crucial to distinguish between separate and marital assets in a divorce. Separate property includes:
- Assets obtained before the marriage by either spouse
- Individual inheritances or gifts
- Proceeds from personal injury awards
- Assets delineated in a prenuptial agreement
Conversely, assets acquired during the marriage are typically considered marital property and are subject to equitable distribution. This includes:
- Real estate such as land and houses
- Rental property
- The increase in value of marital property
- Tax-deferred investments
- Personal belongings like furnishings, jewelry, art, and antiques
- Retirement or pension plans
- Investment and bank accounts
- The cash value of life insurance policies
Business and Debt Considerations
Additionally, closely held businesses and professional practices fall under the scope of division. Similarly, debts incurred throughout the marriage are viewed as joint liabilities, necessitating a contribution by each party towards repayment.
How Is Equitable Distribution Determined?
The rules of equitable distribution consider various elements, such as:
- The income and future earning capabilities of each spouse
- Each individual’s financial situation throughout the marriage
- The length of the marriage
- The age and physical well-being of each partner
- The role of each spouse in acquiring marital assets
- The necessity for the primary caregiver to stay in the marital residence
- The presence or agreement on spousal support
- Contributions made by one spouse towards enhancing the other’s earning potential
Additional Considerations
The determination of equitable distribution is also influenced by:
- Health insurance benefits and pensions
- Tax implications for each spouse
- Projected financial circumstances of each spouse in the future
Identifying and dividing marital assets can be intricate. Partnering with an adept divorce attorney on Long Island ensures, that you can protect your interests and achieve a fair outcome.
Navigating Marital Property Division with The Saul Law Firm
Dividing marital property may seem straightforward under the rules of equitable distribution, but it can become complex and emotionally taxing. Disputes may lead to a contentious atmosphere, and the court takes any attempts by either party to hide or unlawfully transfer assets very seriously, often imposing severe penalties. Our firm has the skills and experience to identify and differentiate between marital and previously separate assets that have become commingled during the marriage.
Tailored Strategies for Equitable Distribution
Effective division of marital property requires the keen insight of an experienced divorce attorney. At The Saul Law Firm, we understand the nuances of achieving a fair and equitable distribution. Our attorneys collaborate with a trusted network of appraisers, accountants, and financial experts to accurately assess the value of the marital estate. While our primary goal is to amicably settle disputes outside of court, we are fully equipped and ready to advocate on your behalf in court to secure the most favorable outcome possible.
Consult With Our Experienced Long Island Property Division Team
Facing a divorce and concerned about how your property will be divided? Reach out to The Saul Law Firm for guidance and support. During your consultation, we’ll provide a clear understanding of the property division process and stand by you every step of the way. Above all, we will listen to your concerns, evaluate all possible avenues, and be your advocates and allies during this challenging time. Connect with a seasoned divorce lawyer today to discuss your situation.
The Saul Law Firm, LLP helps clients throughout Garden City, Nassau County, Suffolk County, Long Island, Queens, Brooklyn, New York City, the Bronx, Staten Island, and Westchester County.