Division of Assets and Equitable Distribution
A topic that often causes heated debate in a divorce is the division of assets and how property, real estate, debts and pensions will be distributed. Without a prenuptial agreement to fall back on, many couples are subjected to the oversight of a New York family court judge to determine what will come of their property and assets.
It is important that you work with an experienced attorney who can help you understand marital property and how it may be divided between you and your spouse. If you have concerns regarding your situation, do not hesitate to contactThe Law Office of Charles A. Messina right away.
What is considered to be marital property?
Marital property is any property that was obtained during the course of the marriage by one or both parties. They may include:
- certain pensions
- real estate
If you and your spouse are unable to determine how property should be distributed in the event of a divorce, an attorney needs to be contacted.
How will distribution be determined?
In determining equitable distribution, a judge looks at a few factors, such as:
- the amount of property or debt that each party brought into the marriage
- the amount of assets each property obtained during the marriage,
- any gifts that may have been given from one spouse to the other
Property that is deemed to be marital property may be subject to division.
How is marital property divided?
Most people assume that the property will be divided equally based on the physical value, but this is not always true. Property is distributed based on monetary value, and some property or assets may even be sold to ensure that debts and taxes are paid off. If the property or assets are subjected to equitable distribution, each party may have the chance to make an argument that the property is actually theirs.
By working with an attorney, you can show evidence that the asset or property was actually earned by you and therefore should be yours in a divorce. Each case is unique, and the circumstances surrounding it may be different, so it is important that you always work with a lawyer.
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Distribution of assets can be difficult to understand, and the laws surrounding the marital property and how it can be divided can be confusing. Never navigate the waters of the New York family law court alone! If you are facing a divorce or if you are concerned about how your property will be divided after a separation, do not hesitate to contact The Law Office of Charles A. Messina right away.
As a Buffalo property division attorney, I have years of experience providing outstanding representation to my clients and I may be able to help you as well. Contact my firm today by completing the free case evaluation form located on my site. After the form has been submitted, you will get the chance to speak with a representative at the firm over the phone regarding your particular legal situation.