Distribution of Marital Property
Having an experienced, knowledgeable attorney can make all the difference to ensure that dividing property in a couple’s divorce is done fairly. There are two categories of property -- separate and marital (see definitions below). According to New York law, a spouse is entitled to keep his or her separate property, unless the other spouse contributed to the property’s increase in value during the marriage. Dividing marital property equitably involves many complicated factors—the Courts take into consideration the 17 factors listed below. If you signed a prenuptial agreement, the Court will more than likely respect the terms of your contract.
New York law as it relates to equitable distribution to divorcing parties is complex. Every divorce is different and the value of assets can be difficult to pinpoint, even in amicable divorces. You need an experienced attorney who understands New York law and how it impacts the division of marital and separate property. I can help you achieve a fair settlement and answers to questions such as:
· What exactly am I entitled to and how can I safeguard my assets?
· How can I be sure that I get to keep my separate property, as deemed by New York law?
· How do we distribute marital property equitably when it includes complicated things that weren’t acquired jointly?
Some Factors Considered in the Distribution of Marital Property in a Divorce:
1. Each spouse's income earned during marriage
2. Property purchased with either spouse's income
3. Property the couple purchased while married (such as a house or car)
4. The value of a spouse’s business (or appreciation in value)
5. Retirement benefits each spouse earned during marriage
6. Appreciation of marital property during marriage
· And how do we evaluate marital property when it’s subject to weighty considerations like:
7. Duration of the marriage
8. Conduct of each spouse during the marriage
9. Health and age of each spouse
10. Spouses’ occupations
11. Child support if children are involved
12. Financial incomes and sources of that income
13. Employability and vocational skills/training of each spouse
14. Estate, liabilities, and needs of the spouses
15. Ability and opportunity of each spouse to acquire capital assets and future income
16. Whether either spouse has wasted marital assets
17. Whether either spouse has transferred or encumbered marital property in contemplation of divorce without fair consideration
This list of questions and considerations may seem overwhelming to you. I will help you track down the relevant documents, cut through extraneous information and evaluate your case to achieve the best outcome for you.
Definitions to Know:
*Separate Property: property either spouse acquired before marriage; property either spouse received individually as an inheritance or gift from someone other than the spouse; compensation for personal injury; property characterized as separate property in a valid prenuptial agreement or other written contract; and property acquired from the proceeds or appreciation in value of separate property unless that appreciation is partly due to efforts or contributions of the other spouse. In all cases, spouses must have kept the property separate for the duration of the marriage.
*Comingling: When a spouse inherits funds during the marriage, for instance, and subsequently deposits the funds into a joint account that also receives marital income, it becomes comingled and may not be considered separate property.
*Marital Property: Property acquired by both or either spouse during the course of marriage, regardless of the name on the title. This can include earnings, real estate and other assets.
Are you ready to meet with an experienced matrimonial and family law attorney with a distinguished 35-year record representing both adults and children in high-profile cases presenting some of the most complex financial and custodial issues?
Contact Faith Miller today for a consultation.
