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Property Division Lawyers in Poughkeepsie
Providing Representation for Property Division Cases in New York
During a divorce, you and your spouse may find it difficult to agree on who gets what, especially if you have considerable assets. You will likely need to involve an experienced Poughkeepsie property division lawyer who can guide you through the division of property.
Is New York a 50/50 Property Division State?
In the state of New York, equitable distribution is a term referring to the way property is divided in a divorce. Although the word equitable is used, property division is not always "equal" in terms of a 50/50 split but instead intended to be fair.
- Sometimes this may mean equal while other cases may involve more of a decision-making process in who gets what.
- Additionally, certain property may be excluded from equitable distribution, such as separate property that each spouse owned before they were wed.
Marital Property vs. Separate Property in NY
When it comes to dividing assets in a divorce, it is crucial to determine which property is community property, also called marital property, and separate property.
- Under New York law, marital property is acquired by one or both spouses while married.
- Separate property is any type of property that was acquired before the marriage.
If a spouse inherits property, assets, or gifts from a deceased relative, this may be considered separate property, even if it happens while married. This is also true of compensation received for personal injuries. In certain circumstances, separate property, acquired before the marriage can become marital property when commingling occurs.
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There are many different factors which are taken into account by the court to determine who gets which assets and debts in a divorce proceeding. Our Poughkeepsie property division lawyers can help you establish what property is considered marital and what is considered separate.
A few of the factors considered during the property division process include:
- If spousal maintenance or alimony was awarded
- If the spouses share minor children
- How long the marriage lasted
- How much of the property is shared
- What was owned prior to the marriage
Yes, businesses and professional practices can be subject to equitable distribution. Because this type of division can be difficult to determine, the court will oftentimes award the business to the person running it and award other types of property to the other spouse to make up the difference in value.
Highly Experienced Property Division Attorneys in Poughkeepsie
The subjects which arise in divorce cases can be extremely stressful, especially if you are dealing with the topic of finance or assets. You may have special items which mean a lot to you, like a painting which was given to you and your spouse over the course of your marriage. You may simply want to ensure that you are not taken advantage of during the division of property and other family law issues. Whatever your concerns may be, you can rely on our Poughkeepsie property division attorneys to represent you and assist you with the process.
Questions about property division in New York? Contact us today at (845) 203-2287 to set up a free initial consultation.