New York City Asset and Property Division Attorney
“Asset distribution is one of the most common things people think about when they think of divorce because, not only is this legally complex, it can also become emotionally charged.”
Going through a divorce is not easy for anyone and one of the hardest parts is figuring out who gets what. Asset distribution is one of the most common things people think about when they think of divorce because, not only is this legally complex, it can also become emotionally charged. You may find that you need a New York City asset and property division attorney to help you get through this.
The Law Office of Rachel Ambats, PLLC is ready to be your advocate. There is no denying that this is difficult, but we will work to ensure that you are treated fairly throughout the process.
New York is an Equitable Distribution State
What does it mean that New York is an equitable distribution state?
While that sounds simple enough, it can become incredibly complex when you begin to consider just how many assets a couple may have. It is important to understand the equitable distribution does not mean equal distribution. This will probably not be a 50-50 split of assets and property; rather, it will be what is fair in the eyes of the court.
Only marital property is divided in a divorce. Each spouse will keep his or her separate property.
What counts as assets and property?
The marital residence/family home
Pensions, IRAs, 401(k)s
Stocks, commissions, and salaries
Vehicles, RVs, and boats
Other real estate
Furniture, artwork, collectibles
Any debts acquired
And more
The court will analyze many different factors when determining what an equitable distribution will look like, including the following:
Each spouse’s income and property when they were married
The length of the marriage
Loss of health insurance or pension due to the divorce
The age and health of each spouse
Whether there are children involved, child custody, and child support arrangements
The likely future financial circumstances of each spouse
And other factors
It is important to note that even after an equitable distribution of assets and property, there may still be a requirement for one spouse to make spousal maintenance payments to the other spouse.
Can one Spouse Hide Assets?
There are times when one spouse may try to hide assets in anticipation of a separation or divorce. They may have chosen to open separate bank accounts or transfer certain property without the knowledge of the other spouse.
This can further complicate a divorce process and will almost certainly require help from a skilled attorney to sort through.
We Are Ready To Go To Work For You
Whether your divorce is contested or uncontested, you should seek legal assistance to deal with property distribution. At the Law Office of Rachel Ambats, PLLC, you will have someone by your side that understands the complexities of this process and will work to ensure you get what you deserve.
When you need a New York City asset and property distribution attorney, Ms. Ambats is ready to fight for you. Contact us for a free consultation.