Westchester County Asset Division Lawyer
Apart from your children, the most complicated issue in any divorce is the fair and accurate identification and division of marital property. Determining who will get what can be a substantial undertaking that can depend on a number of factors in the marriage. In New York, property is divided according to the principle of “equitable distribution.” While the goal is always fairness, equitable distribution does not necessarily mean that your property, assets, and debts will be precisely and evenly divided. If you’re seeking or anticipating a divorce and you are involved in or expect a dispute over marital assets, let an experienced Westchester County asset division attorney assess your situation and explain, in detail, what is marital property and what is personal property. Contact Kimberly Pelesz New York Law, LLC promptly for the counsel and legal services you’ll need going into a divorce.
HOW DO COURTS DEAL WITH THE DIVISION OF THE MARITAL HOME IN A DIVORCE?
If you are divorcing – or anticipating a divorce – in Westchester, Dutchess, Putnam, Orange, or Rockland County, contact an experienced Westchester County asset division attorney to obtain the legal advice and services you will need. In a divorce in New York, if your house is a marital asset, like all marital assets it will be “divided” in the divorce proceeding. This can be more complicated than it sounds, especially if you have children, given that the best interests of children is always the highest priority in any family law proceeding.
New York is an equitable distribution state, which means that the court will attempt to promote equitable distribution of benefits in a manner that is equitable and just. The division of assets is meant to be fair, but may not necessarily be equal. There are a number of factors that the court will consider, when it determines how the assets should be divided.
Similar rules will also be followed in the case of the division of the marital home. The court may agree if the spouses want to sell off the house and divide the proceeds. In some cases, this is really the only practical solution, although if young children are involved, the court will probably reject an immediate sale because it is not in the best interests of the children involved. In other divorces, one party simply purchases the other’s interest in the house. If you and your spouse agree, and you buy out your spouse’s share in the house, you can refinance the property or use other assets. The ownership of the house will be completely transferred to the spouse who is buying out their partner.
In some cases, the court may encourage an arrangement which allows the party with the custody of the children to continue living in the marital home, but only until the children have reached the age of emancipation. Once the children have grown up, the spouses may simply decide to sell the house at that point in time, and share the proceeds. In cases like this, the court will consider how long the children have lived in the home, and the possibility that the children will be placed under severe stress if they are forced to move out of the family home.
If either you or your spouse owned the house individually prior to your marriage, and you can prove that the house is not a marital asset, it is very uncommon for the court to let the other spouse remain in the house subsequent to the divorce unless that spouse is also the residential custodial parent. For advice about how to protect your interests when it comes to the division of your assets, especially the division of the marital home, speak to a Westchester County family lawyer.
Remember, that you may even decide to exchange the house for another asset of equal value. For instance, you may choose to retain the house while your spouse may walk away with an investment fund that is equal in value to your home. You may also choose to keep the home in exchange for your spouse taking cars, jewelry or other property of equal value. These kinds of exchanges are also quite likely to be approved by a court.
If you are divorcing in New York, discuss with your attorney what you would like to do with your home, what the law and the court will allow, and what you can afford. An experienced Peekskill divorce attorney will fight on behalf of your best interests in a divorce and also provide the advice and counsel that can help you move meaningfully beyond your divorce and into your future. If you are divorcing, considering divorce, or being divorced, don’t wait to make the call.
WE INSIST ON FULL DISCLOSURE
Both sides in a divorce are required to disclose fully and honestly all assets and debts. Sometimes, however, one spouse has hidden, encumbered, transferred, or sold marital property without the other’s awareness or consent. Disputes sometimes also emerge over the value of assets. Our knowledgeable New York divorce attorneys are experienced in the division of marital assets. We can work with experts to trace, locate, and assess the value of any hidden assets. Our Westchester County asset division attorneys tenaciously fight for the rights of our divorce clients, and we demand full disclosure and the accurate valuation of all marital assets and properties.
WE OFFER STRAIGHTFORWARD ADVICE
Expectations are often high at the beginning of the asset division process. At Kimberly Pelesz New York Law, LLC, we will give you the straightforward and trustworthy advice you need to make the best possible decisions for yourself and your family. Contact Kimberly Pelesz New York Law, LLC for a free initial consultation if you are seeking, involved in, or anticipating a divorce in Beacon, Fishkill, Wappingers Falls, Newburgh, Tarrytown, Greenburgh, Westchester County, Dutchess County, Putnam County, Orange County, or Rockland County. To learn more about how an experienced Westchester County asset division attorney can help you in the asset division process, email us now or call us today at (914) 402-4541.