Long Island Property Division Lawyer

One of the most hotly-contested divorce-related issues is that of property division. If you and your spouse don’t have a prenuptial or postnuptial agreement in place, the court will likely determine who gets to keep certain assets. A knowledgeable Long Island property division lawyer from the Law Offices of Jay D. Raxenberg P.C. can help you protect your hard-earned assets. Contact our firm today for a free case evaluation.

Property Division Lawyer Serving Nassau & Suffolk Counties

During a marriage, spouses will accumulate property, assets and debt. When the marriage ends, it will be necessary to determine the fair allocation of these things. In an uncontested divorce, the spouses will reach their own agreement regarding these items. In a contested divorce, the judge will make a ruling regarding property, asset and liability division. Depending on the particular situation, property division may be extremely complex, particularly if retirement accounts, businesses, pensions, a great deal of property, and high assets are involved. For this reason, you should strongly consider retaining the services of a seasoned Long Island divorce lawyer who can effectively represent your interests.

Equitable Distribution in New York State

In New York State, property division in a divorce follows the principle of equitable distribution. This does not necessarily mean a 50/50 split but rather a fair division of assets based on a variety of factors. To understand how property is divided, it’s essential to differentiate between marital property and separate property.

Generally, any assets or debts acquired by either spouse during the marriage are considered marital property, regardless of which spouse holds the title. This includes income earned by either spouse, homes purchased together, retirement accounts accumulated during the marriage, and more. Even intangible assets like investments, pensions, or the increase in value of certain properties can be deemed marital.

On the other hand, separate property refers to assets owned by one spouse prior to the marriage or assets acquired individually through inheritance or gifts from third parties during the marriage. Compensation from personal injury settlements or items explicitly protected by a prenuptial or postnuptial agreement may also be classified as separate property. However, it’s important to note that if separate assets are co-mingled with marital assets, they may lose their separate designation.

When a marriage dissolves, the court examines various elements to ensure an equitable—not necessarily equal—distribution of assets and debts. An experienced Long Island divorce lawyer can help you navigate these complexities, ensuring your rights and interests are adequately protected.

Factors Considered When Dividing Property

When determining how to divide marital property fairly, New York courts take into account a comprehensive list of factors. These considerations help ensure that the division is just and tailored to the unique circumstances of each case. Some of the most important factors that judges consider are as follows:

• Duration of the Marriage: The length of the marriage can influence how assets are divided, with longer marriages often leading to more complex distributions.
• Age and Health of Both Parties: The physical and emotional health of each spouse, along with their respective ages, can impact the allocation of property.
• Income and Earning Potential: Courts review the current and future earning capacities of both spouses, factoring in education, training, and work experience.
• Contributions to the Marriage: This includes both financial contributions and non-monetary contributions, such as homemaking, child-rearing, and supporting the career or education of the other spouse.
• Custodial Arrangements for Children: If one spouse will have primary custody of the children, the court may allocate the family home or other assets to ensure stability for the children.
• Future Financial Needs and Liabilities: The court considers each spouse’s financial obligations and needs moving forward, including retirement plans and other long-term financial responsibilities.
• Wasteful Dissipation of Assets: If one spouse has recklessly spent or wasted marital assets, the court may adjust the distribution to compensate the other spouse.
• Tax Consequences: Potential tax implications for both parties are also weighed to ensure a fair outcome.
• Value of Separate Property: The value of each spouse’s separate assets can affect how marital property is divided.
• Any Other Factor the Court Deems Relevant: Judges have discretion to consider any additional elements that may influence the fairness of the division.

Contact a Nassau County Property Division Lawyer

Don’t go through a divorce without a skilled property division lawyer in your corner who can fight for the best outcome possible on your behalf. Contact the Law Offices of Jay D. Raxenberg P.C. for a free consultation today.