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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
- 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
Marital assets are required to be distributed to the family court judges between the separating spouses. This has the inclusion of the property that was acquired by both or either spouses during marriage. The judge’s direction is the sole rule that can direct property distribution. However, the judge’s direction is always subjected to all legal issues that he considers to render his judgment.
Complex Problem Solving in Property Division
In a divorce that involves high-net-worth and high-income spouses, real estate, or business assets, numerous problems are involved and must be solved. This is prominent especially when each of the spouses claims an asset of their own that does not belong to the community property laws. Determining the worth and value of the assets is one of the complex matters the Queens Property distribution lawyers can offer their assistance. They are also full of knowledge to offer accurate and full disclosure of their earnings and income. Prenuptial agreements can complicate issues such as liquidations, taxes, child support, custody, and spousal support.
inheritance or gift from someone other than your spouse during the marriage;
Property described as separate property in a written agreement between you and your spouse.
When you or your spouse files for legal separation or divorce, you can agree on the division of marital property and separate property. If you cannot agree, the court will decide, after trial, which property is separate property and which property is marital property. The court will also decide what would be a fair and equitable, but not necessarily equal, division of the marital property.
Commingled or Transmuted Separate Property and Marital Property
Your separate property remains yours after the divorce, and so does your spouse’s separate property, unless you have mixed or commingled your separate property with marital property or separate property has been transmuted into marital property.
That said, if you mix or commingle your separate property with marital property, the court might list part or all of your separate property as marital property, and split it up between you and your spouse. Customarily, this rule does not apply to real estate, specifically the marital home, where a separate property contribution to the purchase will usually remain your separate property. You would be eligible to recover separate property contribution back after the marital house is sold.
Property Division Litigation
The Queens Property distribution lawyers have the legal experience in dealing with litigation, negotiation, and valuation of the issues that arise in property division cases. They often work to their client’s advantage to settle such negotiations. If it is necessary, they can take the matters to court. Once you choose an action course, we will always use that extensive knowledge of the family law in Queens to advocate on behalf of their client’s. The lawyers will choose to advocate and negotiate for a fair and accurate settlement that often works for their clients. This action allows you to get a new stable start and achieve your goals. A divorce lawyer in Queens is a capable mediator. However, they are also capable of advocating for you during the trial proceedings in a court of law if it is deemed necessary.
Property Division in Divorce Can Be Emotional
Getting a divorce in Queens comes with a whole host of emotions. Of course, you can be sad that your marriage is coming to a certain halt. You can also be filled with anger, anxiety, and resentment about what is in store for us in the future. When such emotions make over a person, the divorce process can become contentious especially when it concerns the division of property during divisions. After all, every member of that marriage wants to get a better and fair share of the property they worked for during their time in marriage. To have matters complicated, some asset types can never be split in half. Some of these assets cannot be included in a divorce proceeding.
Queens Property Division Lawyers
When assets in a divorced setup are complex or significant, it is imperative to be represented by an experienced family law advocate to have the process negotiated to your advantage. While the divorce itself is often a stressful action, the division of property should be left to the attorneys. To determine the value of your estate, work with the experienced legal representative. Let the lawyers work with you to arrive at the real value of your estate and negotiate for a fair property distribution in a court of law. The attorneys can also assist you with property division issues regardless of their complexity.