Along with child custody, property division is often a contested issue of divorce. For couples unable to come to agreement about division of their assets and liabilities, New York courts divide assets equitably, but not necessarily equally.
We recently talked about a Fourth Department decision involving an issue of separate property. The Fourth Department is one of the departments of the appellate division of the Supreme Court of the State of New York. During divorce, the assets and liabilities earned and accumulated by a couple during their marriage are called the marital property.
Oftentimes individuals who come to a marriage with property, or who receive property during their marriage like an inheritance, attempt to prove that such property is separate — and not included in the marital estate for division.
Proving property is separate in New York can be an uphill battle if any aspect of the asset was comingled with the marital estate. For example, such a battle can occur if the residence is solely owned by one spouse but the marital estate has been paying for the maintenance.
Important steps during property division include the following:
Identification of assets: A complete inventory of assets and debt is essential during divorce. Depending on the couple and circumstances, attempts to divert or dissipate assets complicate property division.
Valuation: As of a set date, values of property, professional partnerships, other assets and liabilities must be established.
Division: Through negotiation, mediation, or court proceeding, property is divided between parties. The court considers several factors when ruling on property division.
Decisions made during divorce have consequences, and affect the rest of your life. Work with experienced legal counsel to ensure property decisions you make serve you and your family when the divorce is over. Who better to help you than Long Island’s Best Divorce Lawyers Simonetti & Associates.