DIVISION OF PROPERTY

Division of Property

LAW FIRM PROTECTS YOUR INTERESTS IN PROPERTY DIVISIONS

New York attorney handles distribution of marital assets

Westchester County attorney Lauren B. Abramson, Esq. has helped families in transition since 1987. During your divorce, we use all the legal tools at our disposal to secure a fair division of the marital property. Regardless of the extent of your assets or the complexity of your finances, we have the experience to protect your interests.

WHAT PROPERTY IS DIVIDED IN A DIVORCE?

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Property that either spouse acquired during the marriage is considered part of the marital estate. Upon divorce, the marital property is subject to “equitable distribution,” which means a fair, but not necessarily equal, division of the property. There are a few exceptions to this principle. The following generally are not subject to equitable distribution:

• Property that a spouse owned before the marriage
• Property that a spouse inherited during the marriage
• Gifts that a spouse received during the marriage from someone besides the other spouse
• Damages awarded to a spouse during the marriage for personal injuries

However, the nonmarital property can become marital property if it is co-mingled with marital property. For example, separate money deposited in a joint investment account is likely to be considered a joint asset. Also, if joint assets are used to maintain or improve a separate asset, the resulting appreciation becomes a marital asset. If, for example, joint funds are spent to fix up an individually owned house, the resulting increase in value of the house is a joint asset. It is important to know that marital debt is also equitably distributed between the parties. Lauren Abramson helps you determine which assets are likely to be subject to equitable distribution.
HOW DOES A COURT DECIDE WHO GETS WHAT?

New York also have guidelines that apply a formula to calculate the amount of alimony/maintenance that should be paid by a spouse with an income up to $178,000 and provides the court 15 Post Divorce Maintenance Factors to determine if maintenance should be paid by a spouse on income earned over $178,000. The factors are also used by the court to determine how long he maintenance award will be paid. The court my also consider the Advisory Schedule for Duration of Award. 
  • Each party’s income and property at the time of the marriage compared with their income and property at the time of the divorce
  • Duration of the marriage
  • Age and health of both parties
  • If the parties have dependent children, whether the custodial parent needs to maintain the marital residence and household effects
  • Any potential loss of inheritance or pension rights due to the divorce
  • Alimony awarded, if any
  • Any equitable claim to, interest in, or direct or indirect contribution made to the acquisition of marital property by the spouse not having title, including the joint efforts, expenditures, contributions and services as a spouse, parent, wage earner and homemaker, and to the career and career potential of the other party
  • The character (including liquidity) of all marital property
  • The probable future financial circumstances of each party
  • The impossibility or difficulty of evaluating any component asset or any interest in a business, corporation or profession, and the economic desirability of retaining such asset or interest intact and free from any claim or interference by the other party
  • Potential tax consequences of each party
  • Waste of assets by either spouse
  • Transfers or encumbrances made in contemplation of divorce without fair consideration
  • Any other factor the court finds to be just and proper
CONTACT OUR WHITE PLAINS, NY ATTORNEY WHEN YOUR PROPERTY IS AT STAKE
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Lauren B. Abramson, Esq. has been helping families transform in Westchester County since 1987. Our office is across from Saxon Woods Park, between the Hutchinson River Parkway and the New England Thruway. We’re open from 9 a.m. to 5 p.m. Monday through Friday, and we offer weekend and evening meetings by appointment. Parking is free. Call us today at 914-908-5877 or contact us online to arrange a consultation. We are committed to your future.
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