Property Division Attorneys in Queens
Helping You Retain Your Fair Share
If you’re planning on filing for divorce, you have a right to be concerned about the proceedings, particularly when it comes to the division of assets. Not only have you and your spouse accumulated things together in your marriage that you both want, but you also have to consider 401(k) plans and pensions. Our Queens property division attorneys are always on the side of our clients and fight for the property they deserve in their divorces. Levi Divorce & Family Law Attorneys is here for you.
Dividing Your Marital Property
During the divorce process, you’ll eventually have to decide how to divide your marital property, which is defined as all the property you and your spouse have acquired from your wedding day until the date you file for divorce. What can be tricky is that even if your marital property is listed in your name, it can still be distributed equally in New York.
Examples of marital property that can be divided in your divorce include:
- Professional degrees
- Bank accounts
- Pensions and retirement plans
- Stock portfolios
- Business interests
The only things that are exempt from classification as marital property include inherited property, gifts from a third party to you or your spouse, and personal injury recoveries. Property acquired prior to your marriage also counts as separate property.
How Marital Property Is Distributed in New York
The division of assets in divorce varies based on state. In New York, a court will consider a variety of factors involving you and your spouse when dividing your property.
Factors taken into consideration include:
- Duration of marriage
- Income and property of each party
- Need of custodial parent to use the marital home
- Future financial circumstances of each party
- Tax consequences to each party
- Loss of pension and inheritance rights upon dissolution of marriage
There are many factors that go into equitable distribution, which means you might not always receive what you believe is rightfully yours. Our Queens property division attorneys have years of experience to handle your legal issues and help you keep what belongs to you.
What Property Am I Entitled To?
You are entitled to keep most, if not all, of the property you owned before your marriage, as long as it was not commingled with your marital assets. All property you acquired during your marriage, however, is subject to New York's equitable distribution law. Under this law, marital property must be divided equitably, but not necessarily equally. At our firm, we can help you consider all of your options before agreeing to a property division settlement.
Who Gets To Stay in the House?
The marital house is a major point of contention in many divorces. Who stays, however, depends on several factors, including your custody arrangement. The parent who is the children's primary caregiver—or who spends the most time with the children—is usually allowed to continue living in the house.
For spouses who are not parents, however, the situation is less straightforward. If one spouse is the sole owner of the house, he or she can make the other spouse leave. If you own the home together, however, neither of you has a legal right to make the other move out. If you cannot decide on your own and cannot continue living together, you can seek a temporary order until your divorce is finalized.
We have experience in recovering property for clients. Call us at (718) 215-0121 today.