Property division can be a challenging aspect of divorce proceedings. At Blumberg, Cherkoss, Fitz Gibbons & Blumberg, we have a team of experienced family law attorneys specializing in property division cases on Long Island. We aim to help our clients navigate the intricate legal landscape of property division, ensuring their interests are protected throughout the process.
Call Blumberg, Cherkoss, Fitz Gibbons & Blumberg, P.C. today at (631) 449-7699 or contact us online to schedule a meeting with our property division attorney in Long Island!
What is Property Division?
Property division is the fair allocation of marital assets and debts between spouses. Marital property includes assets acquired during the marriage, such as real estate, bank accounts, retirement accounts, personal property, and debts. Non-marital property includes assets owned by one spouse before the marriage, inheritances, or gifts given to one spouse during the marriage.
Property division can be contentious, as it often involves determining what qualifies as marital property and how to divide it fairly. This is where our Long Island property division lawyers come in. We work diligently to protect your rights and assets, ensuring a just distribution that adheres to New York state laws.
Property Division Process in New York
Property division in New York follows a specific legal process that can vary depending on the circumstances of the divorce and the parties involved. The steps typically involved in the property division process include:
- Identifying Marital Property: The first step is identifying and classifying all marital property. This can be a complex task, as it may involve tracing the origin of certain assets, especially when the commingling has occurred.
- Valuation of Assets: The next step is determining each marital asset's value. Valuation is essential to ensure an equitable distribution. This process may require experts' assistance, such as real estate appraisers or business valuators for closely held companies.
- Equitable Distribution: New York follows the "equitable distribution" principle when dividing property. Property is not divided equally but rather in a manner that is considered fair and just. Several factors are considered, including each spouse's financial and non-financial contributions, the duration of the marriage, and the needs of both parties.
- Negotiation and Mediation: Couples may attempt negotiation or mediation to agree on property division before resorting to litigation. Our experienced Long Island property division lawyers are skilled in alternative dispute resolution methods and can help you find an amicable solution.
- Court Proceedings: The matter may proceed to court if an agreement cannot be reached through negotiation or mediation. In this case, a judge will decide on the distribution of assets and liabilities.
How is Property Divided in New York?
New York's equitable distribution system ensures that both parties receive a fair share of marital assets and liabilities. Some key points to consider when dividing property in New York include:
- Marital Property vs. Separate Property: Distinguishing between marital and separate property is critical. Separate property typically remains with the owner, while marital property is subject to distribution.
- Contributions and Needs: The court considers each spouse's financial and non-financial contributions during the marriage. Additionally, the financial needs of both parties are considered.
- Duration of the Marriage: The marriage length plays a role in the property division process. Longer marriages may result in a more equal distribution.
- Fault vs. No-Fault Divorce: New York is a no-fault divorce state, meaning that the reasons for the divorce are generally not a factor in property division. However, extreme circumstances, such as economic misconduct, can influence the distribution.
- Child Custody and Support: Child custody and support arrangements are separate from property division but can indirectly affect the outcome. Courts may consider the financial impact of these arrangements when dividing property.
Contact Our Long Island Property Division Attorney Today
Property division in Long Island can be challenging and emotionally charged in divorce proceedings. At Blumberg, Cherkoss, Fitz Gibbons & Blumberg, our team of experienced property division attorneys is dedicated to providing our clients with the guidance and support they need during this difficult time. We understand property division in New York and are committed to protecting your rights and assets.
Contact Blumberg, Cherkoss, Fitz Gibbons & Blumberg, P.C. today to schedule a consultation with our property division lawyer in Long Island!
85 Years Serving the Community of Amityville, NY
Experienced & Focused Team of Attorneys
Large Enough to Meet All of Your Legal Needs but Small Enough to Provide Personal Service
You Will Not be Treated as a Number
Professional Advice and Personal Attention
Dedicated to Serving Our Clients