One of the most legally complex issues in a divorce is the division of property and financial obligations. Even when this issue does not become contentious, legal knowledge and experience can often be very helpful in seeking a mutually beneficial result.
At Brooke & Brady, LLP, our attorneys are experienced at helping Dutchess County clients with a range of issues affecting property distribution. Contact us to schedule a free initial consultation to discuss how we can help you.
Determining How To Divide Marital Property
In New York, marital property is subject to division in divorce according to the law of equitable distribution. All income and property accumulated during the marriage — with the exception of any personal injury settlements, gifts or judgments and inheritances — are considered marital property. Debts accumulated during the marriage are likewise taken into account.
Property that either spouse held before the marriage is generally not considered marital property. It can often be difficult to determine which assets are marital property and which are not, and we have extensive experience with the details of these cases.
Understanding Equitable Distribution
“Equitable distribution” is a legal term used to describe a particular approach to dividing marital property. It does not mean the same thing as “equal” distribution, which would imply a simple 50/50 division of property.
The laws governing equitable distribution of property and division of assets are complex. The meaning of the term differs from state to state, and under New York law, there are many nuances affecting the final outcome.
We have a great deal of experience with the division of marital assets and liabilities under New York equitable distribution law and can help you understand the factors that are relevant to your specific circumstances. We can also ensure that tax issues, division of retirement accounts and the valuation of professional degrees and family businesses are handled properly.
As of October 2010, there is a presumption that the court shall award attorney’s fees to the less-monied spouse in divorce cases. The “monied” spouse has a burden to demonstrate to the court why an award of attorney’s fees should not be made in his or her case. This presumption applies to cases commenced after October 2010. Our office welcomes the opportunity to discuss how this new statute will affect your case.
Skilled Poughkeepsie Property Division Advocates
Contact us for experienced lawyers who understand New York property division law and can use that knowledge to seek a fair result in your divorce action. Call 845-454-2540 today to schedule a free initial consultation at Brooke & Brady, LLP.