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Manhattan Property Division Lawyers

One of the most contentious elements of many New York divorce cases is addressing issues associated with assets and debts. Indeed, arguing over property can cause a divorce case to drag on indefinitely, and oftentimes unnecessarily.

Manhattan property division lawyers, with a significant background in divorce proceedings, can work to lessen the tension and drama associated with the distribution of assets and debts when a marriage comes to an end. In addition, a person contemplating a divorce best understands his or her legal rights and interests by developing a basic understanding of marital property is dealt with in a New York divorce case.

Legal Standard for Dividing Assets and Debts in a New York Divorce

The state of New York has adopted what is known as the equitable division standard when it comes to dividing assets and debts in a divorce case. The equitable division standard mandates that the assets and debts accumulated by the parties to a marriage are divided in a fair and equitable manner in divorce proceedings.

The equitable division standard does not mean that property and debts are divided equally. Equal division is what is done in a community property state, like California. The vast majority of states in the United States use the same equitable division standard as used in New York.

Factors Considered in Applying the Equitable Division Standard

A court considers a number of factors when it comes to the application of the equitable division standard. These include a consideration of who will have primary custody of the children and whether alimony will be awarded in the case. The specific facts considered in dividing assets and debts are unique to each individual marriage dissolution case.

Defining Marital Assets

Only marital assets and debts are subject to division in a divorce case. In other words, as a general rule this represents property acquired and debts amassed from the date of the marriage until a point in time associated with divorce proceedings.

Property owned outright by a party prior to a marriage normally will not be considered to be a marital asset. The same holds true for preexisting debt.

There are exceptions to this general rule, however. For example, if marital assets are utilized to pay off a debt acquired by a party before the marriage, that use of marital funds will be taken into consideration in determining how assets and debts are divided in a divorce case.

Complex Property Valuation in High Net Worth Divorce

It can be a difficult task to assign a value to different items.  Nonetheless, this is a key step in the process of property division. You may not even realize how valuable your marital assets are if you or your spouse have a cash-based business or any other unreported income streams.

A well informed Manhattan property division attorney can help you to review assets, including:

  • Real property
  • Professional practices and small businesses
  • High value Intellectual Property
  • High art
  • Cars, boats, and other types of vehicles
  • Various family heirlooms
  • Investment instruments such as stocks, bonds, and mutual funds
  • Foreign funds
  • Retirement plans

Giving full disclosure of all the assets owned by both parties in the divorce is essential to a fair process. A person who could conceal, undervalue or dissipate assets is doing so to deny you of what could be rightfully yours. You should have a Manhattan lawyer who will work hard to protect your estate and work towards obtaining a fair and equitable share of the joint assets.

Coming to the final separation of complex assets requires great efficiency and keen attention to detail.

Property Settlement Agreement

A majority of divorce cases in New York do not end up in trials. Rather, the parties to these cases end up negotiating settlements of their cases. There are some points to bear in mind when it comes to property settlement agreements in New York.

The parties to a divorce have fairly significant latitude in the manner in which they settle issues in a divorce case. In fact, courts tend to favor couples reaching agreements regarding issues in divorce cases as opposed to these matters proceeding to trials.

With that said, the equitable division standard must still be taken into consideration when parties to a divorce negotiate a property settlement agreement. A property settlement agreement typically cannot be terribly lopsided.

Once a property settlement agreement is reached between the parties, it is intended to become a part of the final divorce decree. With that understood, the judge presiding in a divorce case must first approve the settlement agreement. A judge will review a settlement agreement to ensure that it is fair and equitable.

Divorce Trial

If a settlement of some or all of the major issues in a divorce case cannot be accomplished, a trial will be scheduled. A divorce trial is conducted in front of a judge only, and not a jury. The complexities associated with divorce trials, and associated proceedings, underscore the need for legal representation in a marriage dissolution case.

Prenuptial Agreement

To make a prenuptial agreement, each of the parties needs to fully disclose their assets. Only giving the other person all the information permits the parties to enter into the agreement voluntarily. If either party withholds any information, the whole agreement might be rendered invalid.

An agreement can address numerous aspects of real and personal property. In a prenup, the parties can agree that certain pieces of property are classified as separate property. That means that they aren’t part of the marital estate that would be divided in the event of a divorce.

In addition to agreeing on how to deal with assets, a prenup can also cover matters related to debt. For example, if one party comes into the marriage with significant debt, the agreement can lay out who keeps that debt in the event of a dissolution of a marriage. This is helpful to give a spouse peace of mind that they don’t have to take on any non-secured debt or student loans that their spouse incurs before the marriage.

A valid prenuptial agreement can dictate the way in which assets and debts are shared out during a marriage. If a prenuptial agreement is deemed legally sufficient, and was freely entered into by the parties, even if a prenuptial agreement seems to provide what otherwise would be deemed an unfair distribution of assets and debts, it is likely to bind the parties and govern who gets what in regard to assets and debts.

Retaining a Skilled Manhattan Property Division Lawyer

The first step in engaging the services of a Manhattan property division lawyer is scheduling what is known as an initial consultation. During this preliminary appointment, an experienced lawyer will spell out the basics regarding property division in New York. An attorney will provide other necessary information regarding divorce proceedings in New York. Legal counsel will also answer any questions a prospective client may have about a divorce case. A divorce lawyer usually charges no fee for an initial consultation.


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Charle Butler
Charle Butler
2021-03-12
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I was hesitant to hire the Spodek Law Group. I read reviews and knew they have a great reputation. However, I thought I would spend money and not see or speak to my attorney. From the beginning to end of my case Todd and the entire staff were available and willing to help. We worked towards and end result that was way above my expectation and Todd delivered. I am forever grateful for patience and long days and night spent working on my case. Thanks Todd and the entire team!
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2021-03-05
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My attorney at Spodek was Abigail. She was very knowledgeable and helpful with all my questions and concerns, as well as responsive. Her fees are affordable and Abigail took the time to make sure I understood everything relating to my case. I highly recommend Abigail and will request her services in the future.
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debabrata chakraborty
2021-03-03
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Todd A Spodek is the experienced and best criminal lawyer at USA. He is very professional and always respond on time. Alex also very cooperative and always help me. They took care me and my problem like family member. I am 100% satisfied for their professional service. My result was unexpected and amazing. They dismissed my case. I am really grateful to them. I will recommend you to go there if you want to solve your problem. I wish all the best for them.
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Asata Hendricks
2021-03-02
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Truly appreciate the work the guys did!. Exceptional team & I know they care about each and everyone of their clients. I am super thankful to be referred to Spodek Law Group and I am grateful Todd & Alex were able to work diligently to achieve an outcome I am pleased with. Despite COVID they stayed on top of things and kept me informed every step of the way. Very thankful.
Mike Moroff
Mike Moroff
2021-02-26
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I'm very satisfied with the services rendered by Todd, Alex and Mary Lou. I whole heartedly recommend Spodek Law Group . I've worked with and have retained other attorneys in the past with Todd's firm being the cream of the crop for many reasons. A very serious legal matter was resolved after a year's hard work and effort. Todd expertly guided me through the process and was able to navigate and make the good journey bearable as well as successful. Mary Lou initially provided excellent assistance before referring my case to Todd. Alex's support was effective and timely. The customer portal (MyCase) is an invaluable communication tool that also kept track of my case. Various aspects of my case were explained and there were several options provided but I made the final decision of how the case would be handled. The legal fee was reasonable considering the effort and amount of work plus it was a flat fee regardless of the length of time required to conclude my case. Todd made himself available to me and we had many scheduled meetings to go over the progress and to discuss the next steps. I felt more confident after many discussions with him. You will not go wrong choosing Spodek Law Group for legal matters.
Josh Katz
Josh Katz
2021-02-24
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Being that it was the first time that I was in need of an attorney, I was afraid and hesitant and knew I needed the absolute best. It is beyond understood why Spodek Law Group has a reputation of being the top, if not the best law firm in New York. Alex and Abigail were there every step of the way even at the most unconvenient hours. I could not have asked for more. They are extremely good at what they do and they delivered much much more than just winning my case. A big thank you to Alex and Abigail for all the guidance and counseling and their upmost loyal support that extended far more than just legally. If you need the absolute best than don't hesitate to hire Spodek Law Firm.
L.C.
L.C.
2021-02-24
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I cannot tell you how thankful I am to Todd and Alex for their hard work and dedication to my case. I had never been in any trouble before but I had an unfortunate event occur and in the midst of COVID-19 at that therefore I knew I needed a team that was dedicated to my success. Today- my case has been finalized and I’m walking away with no record and can continue life as a mother and a Grad student worry free. I cannot express enough gratitude for their assistance.
AnnMarie Soliman
AnnMarie Soliman
2021-02-23
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I received a summons and called Spodek law group for a free consultation. Alex took my call and was very quick and responsive. He was available anytime through multiple platforms and very reassuring when needed. They are extremely organized and thorough. They got my case dismissed! I’m very grateful. Thank you Alex and Todd!

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