Bronx Property Division Lawyers
Last Updated on
Divorce can be a difficult prospect for any couple to handle. This fact applies in particular when couples are fighting over property. In New York, many different laws dictate how assets and debts are split up between the partners of marriage.
So if you are going through a divorce and are worried about what you will get, it is important to understand the difficulties of Bronx property division. Property division is dictated specifically by state laws put in place years ago and tweaked slightly over the years.
New York Divorce is Dictated by the Equitable Distribution Law
The New York state Equitable Distribution Law was created to help make divorce as fair and equal as possible. This law focuses specifically on dividing up property after a married couple divorces. This law breaks down property into several different types. For example, there is marital property and separate property. Marital property is shared property, such as retirement plans and other sources of shared income.
Separate property is that which was purchased or owned by one person in the marriage. For example, a car bought and paid for by one person is a piece of separate property that they own apart from each other. Typically, property division in the case of a divorce focuses on granting separate assets to the person who owned or purchased it.
When it comes to shared property, however, it can be harder to break up shared ownership in a way that is fair and equitable. This difficulty applies in particular to the challenging aspects of New York property division law. That’s because property division is influenced by many different aspects of divorce law.
Factors To consider When Applying the Equitable Division Standard
The judge will consider a number of factors when applying the equitable division standard. Considerations include who will have primary custody of children and whether spousal maintenance will be awarded in either direction. The unique facts considered in dividing assets and debts are specific to each individual marriage dissolution matter.
Defining the Marital Estate
During a divorce, only marital assets and debts are subject to division. IAs a general rule, this represents property acquired and debts amassed from the date of the marriage up until a point in time associated with divorce proceedings.
Property held outright by a party coming into a marriage will not customarily be considered to be a marital asset. This is also the case for preexisting debt.
There are some exceptions to this rule of thumb, however. For instance, if the marital estate is used to pay off a debt acquired by a party before they married, that use of marital funds needs to be taken into consideration in determining how assets and debts are divided in a divorce case.
New York Laws Can Change
What may surprise many people going through a divorce is the fact that property division laws can be changed and updated. For example, the New York Equitable Distribution Law is a relatively new addition to the law books. Occasionally, it is tweaked to ensure that distribution remains a fair and reasonable practice for everyone.
For example, it is possible that the definitions of shared property could be changed slightly. These changes can massively affect the way that a divorce occurs. While these laws and regulations aren’t updated on a regular basis, it is still possible that lawmakers may decide to change things up occasionally.
When that occurs, it is important to have a professional legal authority take a look at the case and inform you of the ways that property division law affects your divorce. They can also help you better understand where you stand and whether or not you have a strong argument for your divorce.
Common Property Division Questions that May Arise
Owning a Business
If a spouse was the owner of a business coming into the marriage, and then the value of the business went up during the course of marriage, is any portion of the business considered marital property?
The Family Home
If the spouses bought their home together, and the idea of selling it to split up the proceeds between them is impractical, then which spouse can continue to live in the home? Will that spouse have to buy out the other spouse’s share?
If one spouse accrued a great deal of retirement savings during the years of the marriage, is the other spouse entitled to a portion of those savings? If they are, how must those funds be shared?
You should have a lawyer who has experience handling these and a host of other situations that may come up in the property division part of your divorce.
Classifications and Tax Law Matter
When you are going through a divorce, it is important to work through all of your assets with your loved one, identify shared and individual assets, and break down how it affects your taxes.
With each type of property and debt that you receive, your taxes will change. As a result, you may end up in a different tax classification. All of these complex laws and statutes are too difficult for the average person to understand and require a professional to fully understand.
How We Can Help
If you’re currently going through a difficult divorce case, we have your back. We are professional divorce attorneys with years of experience helping people like you succeed in your divorce cases. Our specialists assess the types of property that you and your partner possess and will work to split them up in a way that is fair to both you and your partner.
With our help, you can better understand the difficulties behind your divorce in a more coherent manner. More fully comprehending your case is a crucial step toward getting the kind of result that doesn’t favor you or your partner inequitably. By creating a comprehensive and fair divorce, you won’t have to suffer through the bitter and resentful separation that can devastate a person’s life.
Beyond this help, we can also work to ensure that you get the separate property that you deserve and avoid the kind of tax difficulties that often plague many divorces. You don’t have to lose an excessive amount of money if you’re willing to work with us.
Getting the Help You Need
So if you need help getting through a divorce and receiving the fair and equitable property division that you deserve, please don’t hesitate to contact us. We are legal professionals with years of experience helping Bronx residents like you get the help you need splitting up your property in a fair way.
We can also help you better understand the complexities of property division law and the ways that these statutes change on a regular basis. While they aren’t changed heavily every year, they can be tweaked and updated in minor ways.