Marriage is not just a union of two people. It is also the union of each spouse’s property and assets. And in the event of divorce, separating commingled assets can be complicated. That’s why marital property division is often a primary focus of family law attorneys.
At the Law Office of Nicholas P. Barone in White Plains, our attorneys are ready to help you account for, classify and value all assets that may be subject to division, as well as those that belong only to one spouse. We will then help you negotiate or petition the court for your fair share of assets, including those that are most important to you.
How Is Property Divided?
New York is an equitable distribution state, meaning that marital property must be divided equitably between spouses (which doesn’t always entail a 50-50 split). But this cannot be done until property is classified as marital or separate.
Generally speaking, assets acquired during the marriage are considered marital assets and are therefore subject to division. Individual assets/property owned prior to the marriage are considered separate, as are assets that were acquired during the marriage but were designated or understood as belonging only to one spouse (such as a family gift or inheritance).
What An Experienced Lawyer Can Do For You
Our attorneys will aid you in every aspect of property division, including:
- Tracking down and listing all assets, including a spouse’s hidden assets
- Correctly valuing each asset
- Managing the protection or division of assets from a closely held business
- Ensuring a fair division of critical assets, including retirement accounts and pensions
- Advocating for the assets that may be most important to you, such as the family home
- Correctly allocating debt to ensure that separate debts are not divided between spouses
- Defending or challenging the terms of a prenuptial agreement
You likely have more property and assets than you realize. And without the help of an attorney, it is all too easy to overlook things or agree to a division of assets that is unbalanced in your spouse’s favor.
Contact Us Today To Arrange An Initial Consultation
The Law Office of Nicholas P. Barone serves clients in Westchester County and surrounding areas. To discuss your legal needs with a skilled property division lawyer, call us at 914-683-8200, or send us an email.