When couples divorce, they must disentangle their financial lives. Dividing marital property is often one of the most complicated aspects of divorce, especially if the couple has been together long enough to accumulate significant assets. In a Syracuse divorce, nearly everything acquired during the marriage, from houses and vehicles to investment accounts, household items, and employment income, can be subject to division. New York law doesn’t guarantee an even split, but instead calls for a fair and equitable division of property based on the couple’s unique circumstances.
A Syracuse property division lawyer at The Cowell Law Group understands the considerations that go into valuing and dividing marital property. Working with a seasoned, experienced divorce attorney can help ensure that you emerge from your marriage with a settlement that fairly reflects all your contributions to it over the years. Call today to learn more about the services our team provides.
When couples prepare to divorce, they must make financial disclosures to each other and include an inventory of property they claim as personal or separate property. Separate property remains with a spouse and is not subject to division in a divorce.
In general, property that one party owned when they got married is separate property. Gifts to one spouse, inheritances, and court judgments are also usually separate property. When separate property appreciates during a marriage, the increase in value is considered separate property.
However, if a spouse treated separate property as marital property during the marriage, the other spouse might have a claim that it is marital property. Marital property refers to anything acquired or earned during the course of the marriage, no matter whose name is officially on the title or account. This can include assets like retirement savings and pension accounts, such as a 401(k), even if only one spouse is listed as the owner. Rather than dividing everything equally, the court aims to reach a distribution that is fair based on the specific details of the case. To do this properly, both parties are required to fully disclose all assets and debts. Hiding property or financial information can greatly impact the outcome. A Syracuse attorney knows the ins and outs of property division and may help a spouse determine whether they have a claim to assets the other spouse is claiming as separate property.
It often comes as a surprise to couples that debt, like assets, is considered marital property. Any substantial debt accumulated during the marriage, such as credit card balances, loans, or mortgages, must also be divided fairly under New York’s equitable distribution rules.
If you are unsure how your assets and debts might be divided during your divorce, speaking with a knowledgeable attorney can provide clarity.
New York Domestic Relations Law §236 (B)(3) requires divorcing couples to divide their marital property equitably. New York doesn’t follow a strict 50/50 property split like some other states. Instead, the law focuses on achieving a fair outcome based on each situation. In practice, equitable distribution means a division that is fair to both parties under the circumstances.
In determining what is fair, courts consider the length of the marriage, the ability of each spouse to maintain their standard of living after divorce, whether the couple has young children who benefit by remaining in the marital home, and other relevant factors. Courts also consider each spouse’s contributions to the marriage, including homemaking, childcare, and supporting the other spouse’s business or career.
Property division can become complex if one of the parties owns a business or has a professional practice. Selling the business or practice and dividing the proceeds is often neither desirable nor feasible. A property division lawyer in Syracuse may consult business valuation experts and other professionals to help assess a business’s value and determine how to compensate the other spouse for their share.
Although the court will make final decisions regarding property division in divorce, it is important to have an experienced family law attorney advocating on your behalf. At The Colwell Law Group, our lawyers evaluate your situation and present your case to the court to seek a fair division of property.
Divorcing couples have opportunities throughout the process to work together to divide their property. Doing so has several advantages. First of all, if you and your spouse can agree on how to divide property, the Court may not need to intervene. But if you can only come to a partial agreement, the Court may need to step in.
Most importantly, a negotiated agreement is within the couple’s control. The couple decides what is acceptable to them. If a couple cannot agree and a judge divides the marital property, they may be dissatisfied with the result. In addition, negotiated agreements generally result in a quicker and less expensive resolution than taking the matter to trial. An experienced property division attorney may be necessary to negotiate the best agreement.
Many couples find alternative dispute resolution, such as mediation, helpful in resolving their property division issues. In other cases, the attorneys for the parties could negotiate an acceptable agreement. Once the parties settle, they submit their agreement to the Court. Unless the judge finds it demonstrably unfair, an unusual occurrence, the Court will include it as part of the divorce decree. A Syracuse lawyer may further explain what is necessary for a favorable outcome in a property division case. The Colwell Law Group also provides matrimonial mediation services that can facilitate a divorcing couple’s conversations – and ultimate agreement – about dividing their property as part of the divorce.
Pre-nuptial and post-nuptial agreements are common arrangements that couples use to define how assets and debts will be handled in the event of divorce. These agreements are drafted either before marriage or during marriage. These legal documents can clarify which property is considered separate and which is marital, potentially making the property division process less contentious.
If you have a nuptial agreement in place, it is important to share it with your Syracuse property division attorney early in the process. At The Colwell Law Group, we will examine the agreement closely to determine whether it meets legal standards and whether its terms are enforceable. Keep in mind that not all agreements hold up in court. In addition, certain provisions may be invalid or improperly drafted.
To find out how your nuptial agreement may affect your divorce, contact us for a complimentary consultation.
Dividing marital property equitably can be a painstaking process without legal help. It is vital to work with a seasoned, experienced attorney to protect your rights and ensure you leave the marriage with a fair share of the marital assets. During your consultation with our team, we will walk you through how property is divided in a New York divorce, including any exceptions that may apply and how your assets are likely to be classified.
A Syracuse property division lawyer may help you negotiate a reasonable settlement. If your spouse will not agree to a fair distribution, an attorney could provide vigorous advocacy in court. Reach out today to set up your complimentary consultation. Let our seasoned attorneys at The Colwell Group guide you through the advantages and challenges involved in classifying your assets during divorce.
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