Types of Assets in Syracuse

Getting a divorce is rarely fun, no matter how much you want one.  Dividing up property can be challenging even for spouses who are committed to parting amicably.  Property division often increases the tensions between those who are not on good terms with each other.  Wondering whether retirement accounts, business interests, or personal savings are at risk is the norm for most people at the start of a divorce.  State divorce law requires a clear understanding of what counts as marital versus separate property—something a skilled attorney can help you determine.

New York follows an equitable distribution model for divorces, which prioritizes fairness over equality when dividing property.  If you hire our law firm to represent you in your divorce, an experienced lawyer from our team can explain the types of assets in Syracuse that may be involved and advocate for a fair resolution that protects your financial future.

What Is the Difference Between Marital and Separate Assets?

Before dividing up a couple’s property, the Court must determine whether each item is marital or separate.  This classification affects whether an asset gets divided between the spouses or remains in one (1) spouse’s possession.

In general, separate property includes:

• Assets owned by one (1) spouse before the marriage;
• Inheritances or gifts received by one (1) spouse (unless commingled);
• Compensation from personal injury claims; and
• Property designated as separate in a valid pre-nuptial or post-nuptial agreement.

In contrast, marital property generally includes:

• Income earned during the marriage;
• Real estate acquired during the marriage;
• Retirement accounts, pensions, and stock options accumulated during the marriage;
• Businesses started or expanded during the marriage;
• Shared investments and savings; and
• Vehicles, furniture, and valuables purchased during the marriage.

Property classification is not always straightforward.  For example, if one (1) spouse deposits an inheritance into a joint bank account, that inheritance may lose its status as separate property.  A divorce attorney in Syracuse can assist with asset tracing to ensure that each type of item gets correctly classified.

Complex and High-Value Asset Division

High-net-worth divorces often result in even more complex property divisions, which may involve business interests, investment portfolios, and real estate holdings.  These require detailed appraisals and strategic negotiation.

Some of the more complex asset types our Syracuse legal team handles include:

• Privately held businesses or partnerships;
• Stock grants and deferred compensation packages;
• Multiple real estate properties;
• Luxury items, such as boats, art collections, or fine jewelry;
• Out-of-state or international assets; and
• Retirement accounts with employer contributions and vesting schedules.

An equitable division is not always a 50/50 split.  Instead, the Court considers several factors, including each spouse’s income and their financial and non-financial contributions to the marriage.  In a high-asset divorce, having the right attorney ensures that you understand your rights and pursue the most beneficial outcome.

Protecting Your Interests During Property Division

While the Court is responsible for issuing a final Order, you and your spouse may resolve property division issues through negotiation or mediation.  These alternative dispute resolution methods may offer more privacy and control over the results.

Our Syracuse lawyers work closely with appraisers, accountants, business valuation specialists, and other financial professionals to build a clear picture of marital and separate assets.  We also take steps to:

• Identify hidden or undervalued assets;
• Trace the origin and ownership of disputed property;
• Ensure fair valuation of all accounts and investments; and
• Draft comprehensive settlement agreements that reflect your goals.

If you hire us, we are prepared to litigate to protect your financial interests if you and your spouse cannot resolve your property-division dispute outside of Court.  Whether you are seeking to retain a family business or secure a fair share of retirement assets, we aim for a result that positions you well for the future.

Call Our Syracuse Lawyers Today for Advice About What Types of Assets To Protect in Your Divorce

Asset division can be one of the most stressful aspects of divorce, especially when high-value or complex property is involved.  If your marriage is ending, an attorney can help you understand which types of assets in Syracuse are subject to division and how you may best protect your separate property.

At Colwell Law Group, we provide strategic advice and personalized guidance throughout the divorce process.  Call us today for a complimentary consultation.  We are here to help you pursue the most beneficial outcome for your future.