If you are undertaking a divorce, the distribution of your wealth is your primary concern. How can you distribute your property equitably after separating from your marriage? A Queens divorce lawyer excels in the state in the property division laws. For this reason, they can help you develop your plan to divide your property fairly.
Complex Property Divisions
Most divorces that involve complex property divisions involve professional licenses, business ownerships, high assets, and other financial matters that are complex and have the potential to be high profile and high conflict. Such divorces have to be handled with knowledge and care. If you are facing a high-net-worth divorce in Queens, your property distribution lawyers need to be prepared to protect your financial future and rights.
Communal Property vs Separate Property
In Queens County, all the property that a couple acquires during the marriage is considered as a communal or marital property. The collection of these is known as the marital estate. For this reason, it should be divided accordingly between the spouses. Factors such as the value increase of property or real estate accompanied by the retirement accounts must be included in the divorce property division. This has an exception of inheritances and gifts.
When you got married to your spouse, you may have already had property, cash savings or investments. Your spouse may have entered the marriage with their own property, cash and/or investments as well. This is referred to as separate property. You and your spouse may exclude specific pieces of property from the marital estate by entering into a marital agreement, such as a prenuptial or postnuptial agreement. In the absence of a written and signed agreement, the presumption is that property acquired during the marriage is marital property, except for any inheritances, personal injury/worker’s compensation awards for pain and suffering and any third-party gifts.
High Net Worth Divorce
In a high-net-worth divorce case such as one that has the involvement of a complex property division, it is imperative that the assets and properties are evaluated thoroughly to ensure equity in the property distribution. The Queens Property distribution attorneys work with the state’s leading forensic accountants, economists, business valuers and other professionals to be sure that you have your case handled with proper care and discretion.
The attorneys handle numerous complex property division cases including:
- Tax issues
- Inheritance
- Stock options
- Ownership of commercial, residential, and ranch real estate
- Division of corporate partnership assets
- Qualified Domestic Relations Orders (QDROs)
- IRAs divisions, 401(k) and other assets issued during retirement
- Pension Division