Helping You With the Division of Marital Property Division on Staten Island
Before you and your spouse can divide marital property in New York, you need to form a plan. What will happen to the marital residence? Will you or your spouse move out of the house while your divorce is in process? My goal as your lawyer is to help you set your goals and make a life plan so you are not just divorced, but able to begin the next phase of your life.
In New York, marital property — including real estate, bank accounts, pension plans, 401(k) accounts, stock options and other assets — will be divided equitably. This means 50-50 in most cases, but a judge could determine that a different percentage is equitable. For example, if one spouse contributed all the income and performed all the family care taking duties and the other spouse had caused financial loss in the marriage, the court could adjust the percentages.
While marital property division seems straightforward, there are many issues that can make the issue more complicated, including:
- Will you move out of the house? If so, you may have to pay spousal support to maintain the marital residence while the divorce is in process.
- Will you keep the house? The marital residence can be sold and the equity divided, or you can do an asset exchange so that one party keeps the home in exchange for some other asset.
- Did you contribute separate property to the marital residence? Examples of separate property includes money you had before your marriage or an inheritance received after. If you contributed your separate property to the marital residence, you are entitled to a credit when the asset is divided.
- Did you contribute to the development of your spouse's business? If so, you may be entitled to a percentage of your spouse's future earnings.
- Will you need a Qualified Domestic Relations Order? Pensions and 401(k) accounts accumulated during the marriage are marital property and need to be divided. I will prepare a Domestic Relations Order to assure that you receive what you are entitled to.
You can reach a marital property division settlement by negotiation or by a judge's decision. I will work with you after your divorce to ensure that you get everything you were entitled to receive.
To schedule an attorney consultation to discuss marital property division: Call 718-351-3748 or fill out the contact form on this Web site. My law office is located on 94 Hancock Street in Dongan Hills, Staten Island, New York.
