Division of Assets

Bohemia Property Distribution Divorce Attorney

Representing clients through the division of assets

Property distribution is a significant divorce topic. Understandably, people can become emotionally tied to their belongings. The thought of splitting assets can be overwhelming. Facing the prospect of losing one’s home can be too hard to bear. Parties can easily disagree on who deserves what assets, leading to a court case. When a court hears a case based on this topic, it will divide assets according to equitable distribution, which is not always evenly split. If you are facing a contested divorce based on property distribution, you deserve an attorney that can protect your rights through the process. To schedule an appointment with an experienced and compassionate attorney, contact Peter V. Mandi & Associates, Inc.

Marital property & Separate property

When hearing a case on property distribution, a court must categorize assets into marital and separate property. This can be quite complicated. Simply put, marital property is any asset brought into the marriage or obtained during the marriage. Separate property is also complex. Simply stated, assets owned before the marriage and not agreed to enter the marriage can be considered separate property, but this is not so simple. When couples comingle assets and work together to help assets gain value, some items may not fully stay separate. Other property acquired after the exchange of nuptials that could be considered separate property may include personal injury payments, gifts, and inheritances.

Equitable distribution

When a court hears a contested case over the topic of the division of assets, New York will decide on the matter based on the principle of equitable distribution. Equitable distribution means that a decision will be made in a fair and just manner. To the surprise of many, New York doesn’t necessarily divide assets evenly, but takes many factors into consideration, including, but not limited to:

  • The length of the marriage
  • Heath and age of the couple
  • The standard of living
  • The earning capacity and income of the couple
  • The value of marital assets

Allocating debts and assets

When marital property is established, a court will assign value to assets and debts. Not all assets and debts are equally owned and the matter can be quite complex. Some factors that can impact the distribution of assets include:

  • The contribution to each marital asset
  • The party’s financial circumstances
  • Tax consequences

Marital fault and property distribution

Though marital fault may have once impacted divorce cases, New York courts have changed its approach. No longer does marital fault or fault grounds play a deciding role in a court’s decision. If your spouse cheated on you, it will not provide you with more of an entitlement to assets. On the other hand, if your spouse purposefully wasted assets, economic fault can play a role in the allocation of marital property.

Contact Peter V. Mandi & Associates, Inc.

It is important to have an experienced attorney when faced with the contested topic of property distribution. Peter V. Mandi & Associates, Inc.  provides hands-on, effective legal services to help clients through tough times. Divorce can be overwhelming and our firm will work to protect your future and guide you towards the next chapter of your life. If you need our legal guidance and representation, contact Peter V. Mandi & Associates, Inc. for a consultation to discuss your legal matter.