Division of Assets in New York

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Division of Assets in New York

The process of divorce is very complex and requires a great amount of patience. There are many matters a separating couple has to consider before they move on with their lives. One of the major parts of divorce requires spouses to split their assets between the two of them. In some cases, two spouses can come to an amicable agreement about how to distribute their belongings outside of a courtroom. Other times, one spouse may feel they are entitled to more of the assets for a multitude of reasons. When this happens, the couple may have to determine the division of their assets through court.

Marital Property vs. Separate Property

When spouses go to court to divide their assets, a judge decides which assets belong to whom. When doing so, they break it down according to marital property and separate property. The differences between the two are as follows:

  • Marital Property: Any assets and debts that are acquired during the marriage by both spouses. Marital property also includes any separate property that was brought into the marriage and agreed upon as marital property.
  • Separate Property: Any assets and debts that were acquired before the marriage and agreed to stay separate. This may include other properties, gifts, and inheritance.

Distributing Property

The state of New York uses “equitable distribution” to help divide assets between spouses. While many may believe this means splitting assets equally, that is not the case. Equitable distribution is the fair and just split of a separating couple’s assets during a divorce. State courts consider several factors before splitting marital property in a fair way. Some of these factors may include:

  • The age and health of each spouse
  • The duration of the marriage
  • Economic circumstances
  • Each spouse’s contribution to marital property
  • Any tax consequence that may apply

When courts distribute assets equitably, they do not usually consider marital fault. This means they may not consider which spouse is at fault for the end of the marriage when splitting properties. What courts may consider while distributing property is at economic fault. If one spouse irresponsibly wastes their assets in order to change their finances, a court may sway in the other spouse’s favor.

Mediation

Mediation is often a useful tool for couples during a divorce. It assists spouses in coming to an agreement regarding certain marital issues. With mediation, both spouses can negotiate on the matters at hand instead of allowing a judge to decide where their assets belong. Mediation also saves money for the couple as well as the court.

Contact our Firm

If you are going through a divorce and wish to speak with an attorney about your division of assets, contact The Law Offices of Susan A. Kassel, P.C. today.

Matters of divorce and family law should be navigated with the guidance of an experienced attorney. If you need strong legal representation regarding matters of divorce, family law, and estate law, contact the Law Offices of Susan A. Kassel, P.C. to schedule a consultation today.

Why choose our firm?

We have an excellent AVVO rating from our many happy clients

We will tirelessly pursue a favorable resolution to your case

We offer aggressive and effective representation

We treat our clients with the compassion, patience, and respect that they deserve

We have more than 20 years of dedicated legal experience

We have the legal knowledge necessary to help you obtain the outcome you desire

We tailor our practice to the representation of your divorce case

What Our Clients Are Saying

I hired Susan to represent me in a divorce matter where I was fighting for custody and to limit my wife's equitable share of our assets. I won custody of our son, kept the marital residence, kept my professional practice, kept my building and paid less than half to my wife. This was after a long-term marriage. She could persuade the court that equitable is not equal and sometimes the man does deserve to win!

‐ Dave

I first must say that I had been represented by two prior attorneys both of whom had simply taken my money and left me nothing to show for it in my custody case. They kept telling me what they were doing for me but I found out they were lying. Susan on the other hand had gotten me temporary custody and support for my children and myself within two months of hiring her. I cannot say enough about her.

‐ Craig

After talking to a few other attorneys, I hired Susan to represent me in my divorce and custody dispute. I was reluctant to go with her because she was the cheapest out of all the other attorneys I met with, but I'm so glad I did. I am 100% positive no one else would have done such a great job with my case as Susan and her staff. Her work is quality, her staff is reliable and her character is honorable. There...

‐ Linda

I had a very difficult case where I had already burned through two attorneys who were unable to get me custody of my children and complete my divorce. Susan was able to rapidly work out an agreement and not let it just malinger on like my previous experiences. She was also considerate of my financial situation unlike all of the other lawyers I had spoken to. I highly recommend her if you want complete and caring service with an in-depth knowledge of...

‐ Joanne

SERVING ALL OF SUFFOLK COUNTY

The Law Offices of Susan A. Kassel, P.C. proudly serves clients throughout Suffolk County, New York in their divorce, family law, and estate planning matters. If you require the services of an experienced Suffolk County attorney, schedule a consultation with The Law Offices of Susan A. Kassel, P.C. today.

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