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Division of Assets

New York City Property Division Attorneys

It’s crucial to know you’ll have the resources to meet your needs after a New York divorce. If you don’t get a fair share of your marital assets, you might face significant financial trouble, particularly if you have sole or shared custody of any children from the marriage. Unfortunately, what seems fair to your spouse or the courts may not be enough for you to take care of yourself.

Gildin Chapman can help you secure your fair share of your marital property during a New York divorce. Our Queens and Long Island property division attorneys have over 50 years of combined experience, giving us a significant advantage in these cases. We treat every client with the compassion and care they deserve while arguing aggressively in court or alternative dispute resolution methods like mediation. Call us today or complete our contact form for a free consultation.

Is New York a Community Property State?

In states that use the community property system for dividing a couple’s shared assets (California, for example), spouses must divide all their communal property evenly. Theoretically, this approach simplifies the divorce process and speeds up the case.

New York is not a community property state, though. Instead, state law requires couples to divide their assets “equitably,” which does not always mean a 50/50 split. The goal of this approach is to fairly divide a couple’s assets according to each spouse’s individual needs. The side effect of the equitable distribution method is that it can lead to more conflicts among divorcing spouses, as they may disagree over what constitutes a fair division of their shared property.

Factors New York Courts Consider When Dividing Marital Assets

New York law says judges can consider any factor they deem “just and proper” when deciding how a couple will split their shared property. That provision gives judges significant leeway in these matters, but there are also specific factors the law says judges must examine, including:
  • Each spouse’s income and individual assets
  • The length of the marriage
  • Each spouse’s age and health, along with how those factors may affect a spouse’s earning potential
  • Whether a parent with custody of a child from the marriage needs to keep the marital home and its contents
  • Whether one spouse will lose their health insurance coverage due to the divorce
  • Any spousal maintenance (alimony) payments ordered as part of the divorce
  • Any contributions by one spouse to the other’s individual property (for example, by caring for children, so the other spouse can advance their career)
  • The likely financial circumstances of both spouses after the divorce
  • The difficulty in determining the value of a shared asset, such as a business, and the plausibility of removing one spouse’s interest from the shared asset
  • The potential tax consequences for each spouse depending on what assets they receive.
  • Whether either or both spouses wasted any shared assets
  • Any attempts by either spouse to hide or sell assets at a reduced price because either spouse knew a divorce was imminent
  • Any history of domestic violence in the family

Shared Property vs. Separate Property

You don’t have to divide your separate property when you get divorced. Separate property refers to any assets you received before the marriage and kept separate from the property you shared with your spouse. For example, if you had an individual bank account before getting married and never gave your spouse access or mixed their money with yours, that account might qualify as separate property.

Separate property can also refer to assets you received or inherited from someone other than your spouse, such as a parent or other relative. However, if you received an inheritance and put the money into an account you shared with your spouse, that money would likely qualify as shared property.
Some examples of separate property you could keep after a divorce include:
  • Compensation from a personal injury claim (as long as you kept the funds separate from the money you shared with your spouse)
  • Assets you acquired in exchange for or due to the increase in value of your separate property (unless the increase in the separate property’s value is due partly to contributions from your spouse)
  • Property listed as separate in a prenuptial agreement

How Prenuptial Agreements Affect Property Division in a Divorce

A prenuptial agreement can simplify the process of dividing assets in a divorce, provided the agreement complies with state law. The requirements for a valid prenuptial agreement include:

  • Both spouses must review the agreement with their individual attorneys before signing it.
  • Both parties must disclose their financial assets and debts before signing the agreement. Furthermore, the disclosure must be accurate, as any fraudulent disclosures are cause to invalidate a prenup.
  • Neither spouse can sign the agreement under coercion or threats.
  • The agreement cannot be so one-sided that it leaves one spouse with little or no assets after a divorce.
A New York family law attorney can help you draft a legally enforceable prenuptial agreement. Some provisions a valid prenup can include are:
  • Addressing how spouses will handle any debts from before the marriage.
  • Defining spousal maintenance payments (alimony) in the event of divorce.
  • Establishing child support guidelines, as long as those guidelines comply with state law.
  • Defining marital vs. separate property in the event of divorce.

What If Your Spouse Tries to Hide Shared Assets?

You can’t get a fair share of your marital assets if your spouse doesn’t fully disclose those assets. Our attorneys have the resources to uncover any assets your spouse tries to hide and hold your spouse accountable. If you can prove your spouse tried to hide assets during your divorce, you could claim a greater portion of your shared property. Talk to an attorney for more information on this issue.

Why Choose Our New York City Property Division Attorneys?

You need a capable, determined legal team to protect your financial future after a New York divorce. Some of our qualifications to handle your case include:
  • Our in-depth knowledge and experience – Knowing the law is one thing, but understanding how to apply it and how the courts look at these cases is crucial to reaching your desired outcome in a New York divorce. With our five decades of combined legal experience, we have guided thousands of New York residents through the divorce process and helped them achieve their goals.
  • Our skill in handling complex legal situations – Divorce cases can get messy, particularly when spouses disagree on dividing their property or other issues. Our team thrives in high-stakes, high-pressure situations and won’t back down from a complex challenge. Legal emergencies are rare in divorce cases, but if one arises, you can count on us to handle the situation quickly and competently.
  • Our approach to family law issues – We understand the stakes for spouses going through a divorce and the emotional challenges they face. While we treat every client with the empathy and compassion they deserve, we’re relentless when it comes to protecting your rights and interests. We’re also not afraid to take your case to court if we believe it’s in your interest and could lead to a better outcome.

Contact New York City Property Division Lawyers Now

Our New York property division attorneys have the experience, skill, and drive to help you recover the resources you need to start the next chapter of your life. Call Gildin Chapman now at 516-524-5657 or reach out online for a complimentary case review.

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