Property & Asset Division Lawyers – Astoria, Brooklyn & Manhattan, NY
Divorce is a stressful and challenging time. You can help ease some of that stress by understanding what you stand to gain and lose during the Marital Property Division Process. The right firm will guide you through the unique laws and conditions that determine how goods are to be divided between spouses.
The State of New York is known as an equitable distribution state. This means that goods are divided in an equitable, or “fair”, manner. The attorneys of Ortiz & Ortiz, LLP can ensure that this process is carried out precisely as the law intends it. Some of the factors considered in the distribution of property include:
- Each spouse’s age
- Income and potential future earnings
- Length of marriage
- Contribution to martial property acquisition and more
Less common factors can be taken into consideration if property division becomes challenging to calculate. That is where we come in to advise you. Certain divisions can be done via an agreement with the spouse, but other less tangible assets will require in-depth examination from attorneys, the courts and all other parties involved.
Gains and Losses
Making sure that you receive a fair division of interest in any business, inheritance, pension, and health insurance plan that was acquired during the matrimony is crucial, and we can help walk you through each step of the process. We have assisted countless clients in property division cases and have ensured that a fair deal is reached by the courts of the state of New York each time. Our continued success depends on our ability to analyze each case and take the appropriate actions.
Working It All Out
The court will give plenty of chances for the parties involved to decide amongst themselves how property should be divided. This process requires that you understand what is at stake and that you are well advised during the process. The court steps in once agreements fail to materialize, but there will be plenty of chances along the way. Remember that not all property belongs to the marriage; any property that existed and was acquired before the marriage belongs to the individual who acquired it. It is this type of details that highlight the importance of legal advice. You do not want to be alone during this process.
Division of Debt
In the state of New York debt is treated the same way that any property is and is also assigned as marital or non-marital. Any debt that was accrued during the marriage is a responsibility of both parties and will be divided accordingly along with all other property. Debt that existed before the marriage will belong solely to the original debtor.
Spousal maintenance in the state of New York is determined separately with a lot of the same factors taken into account. Children, the standard of living, and the spouse’s level of education and earning capacity are all taken into consideration. The state does not weigh-in which party was at fault for the disintegration of the marriage, but they do examine any wasted marital funds which include the following:
- Martial funds used for expenses outside the marriage needs (such as a condo for a lover)
- Transfers or sales of property in anticipation of divorce
- Encumbering of marital funds in offshore accounts or the like
Should the court find that you or your spouse is guilty of any of the actions listed above, they shall penalize the offending party during the distribution process. It is best that you are well advised during this sensitive time.
Remaining Calm and Assertive
The turbulent and emotionally charged period that divorce brings about can make it difficult to think clearly, and that is why at Ortiz & Ortiz, LLP, we help you make important decisions that can ease your transition into the next phase of your life. We will help you determine:
- What property belongs to you and what stands to be divided
- What kind of maintenance award you are owed or owe
- Where the courts are likely to look for marital assets
- How to best protect your interests
- When you can expect the divorce to be finalized
From beginning to end we extend our full service to you and accompany you through a difficult time. The most important thing is to remain calm and understand the process so that you can be sure in the end that everything was done fairly, we are with you.
“Fair” Does Not Mean “Equal”
The division of property does not have to be equal for it to be fair. The courts weigh the figures and move accordingly. Organizing records and keeping everything in view is something that our attorneys can help you with along the way. You do not want an accidentally forgotten asset to appear to be concealed; this can cause a lot of trouble and can put you in a disadvantageous position.
We Are Here for You
Our team is prepared to analyze your particular situation and take action right away. Any settlements of property that cannot be immediately reached with your spouse are our business, and you can rest assured that they will be handled accordingly and respectfully.
There is no need to take on this tough episode in your life on your own, at Ortiz & Ortiz, LLP we want to use our experience to guide you toward the fair result that you deserve. Having a better understanding of how the laws of your state work can be the difference between a satisfactory and unsatisfactory result.
If you wish to read further about the division of property in the state of New York, refer to New York Consolidated Statutes, Article 13 of Domestic Relations, Section 236 or contact us to make an appointment. We understand what you are going through and are here to help you make an informed decision on your future.
Ortiz & Ortiz Can Help You
If you need legal counsel, we can help you. The attorneys at Ortiz & Ortiz, LLP have the knowledge and expertise needed to offer you comprehensive legal help with all divorce and family law issues and matters. For over fifty years our legal team has helped the people of New York take on their legal issues.