When two spouses get a divorce in New York, they typically need to divide marital property between the two of them. Although there are some instances when spouses are able to amicably resolve these matters themselves, it is not uncommon for the court to be involved in making decisions regarding who gets what property.
At the law offices of Randi L. Karmel, PLLC, a Manhattan property distribution attorney is on hand to help you address this critical step in the divorce process. Your odds of keeping the property you deserve to have will be much greater when you are represented by an experienced lawyer.
Manhattan Divorces & Property Distribution/Division: What You Need to Know
Property that may be subject to distribution or division when a married couple gets a divorce in New York consists of any property which was acquired during a marriage. This includes property that was acquired individually and jointly. Even if the property is titled to only one spouse, typically, if it was acquired after two spouses married each other, it can be divided when the marriage ends.
Property that may not be subject to division or distribution in a Manhattan divorce case includes:
- Property acquired before marriage
- Inherited property
- Money a spouse may have recovered via a personal injury claim/lawsuit or a workers’ compensation claim
It is not always easy to understand whether certain properties will be subject to division. This is one of many reasons to enlist the help of a reputable Manhattan property distribution law firm when getting a divorce. An expert can answer your questions and protect any property of yours that should not go to your soon-to-be ex.
Manhattan Property Distribution: Common Types of Marital Property
The following are a few common examples of marital property which may be distributed between two spouses. Although this is not an exhaustive list, it could help you get a sense of the types of property you own that might be divided between you and your spouse if your marriage is ending:
- Homes (including vacation homes)
- Cars and other such vehicles
- Financial accounts
- Retirement plans
- Valuable items (such as collectibles)
Factors Courts Account for in Manhattan Property Distribution Cases
In New York, when courts divide property between two divorcing spouses, the goal is to do so equitably. Factors a court will account for when distributing property include (but are not necessarily limited to):
- Each spouse’s income
- The marriage’s length
- Each spouse’s age and overall health
- Whether a spouse is a custodial parent (as it may be determined that a custodial parent should keep the home in which a child is accustomed to living)
- The general manner in which a divorce will impact the current and future financial circumstances of each spouse
- Whether a spouse has committed domestic violence
Properly deciding which spouse should keep which property once a divorce is finalized may be challenging. Courts don’t make perfect decisions 100% of the time.
Thus, if you are getting a divorce, you will benefit from hiring a qualified Manhattan property distribution lawyer. An expert will review all pertinent details to ensure the court is not overlooking certain critical factors which could influence its decision in your favor.
Contact a Manhattan Property Distribution Attorney
Getting a divorce does not need to be as stressful as you imagine. Manhattan property distribution attorney Randi L. Karmel leverages her years of experience to offer clients like yourself the peace of mind that comes from knowing a qualified professional is handling matters like property division. Learn more about how we can help by contacting us online or calling us at 212-755-0224.