Am I Entitled to a Distribution of Assets?
Many couples who are going through a divorce have concerns about the distribution of their assets, i.e., the house, bank accounts, stocks, bonds, businesses, or other assets. You may wonder what your rightful portion is if the assets are in your spouse’s name. On the other hand, you may be the spouse with the assets and are concerned that your spouse may be entitled to your assets. Whatever the case, it is vital to consult with an experienced, proven lawyer for the state of New York to fight for you.
Distribution of Assets
In the State of New York, marital property is only divided in a divorce. Marital property includes all acquired income and assets during a marriage, regardless of who earned them or whose name it’s in. The “cut off date” for marital property is the commencement of a divorce action or the execution of a Separation Agreement. Once an asset is determined to be part of the marital estate, the parties must agree, or let the Court decide, what percentage of each asset they are entitled to. Assets such as bank/investment accounts, pensions, and the marital residence, are typically divided on a 50/50 basis. However, where a business is involved, the non-titled spouse who made no direct contributions to that asset, is entitled to less than 50% of the appraised value of the business. The percentage is generally determined by the length of the parties’ marriage. The longer the marriage, the more of a percentage the non-titled spouse would be entitled to.
Distribution of Assets in Divorce
On the other hand, the separate property of a spouse will not be subject to distribution, regardless of whether the parties have a prenuptial agreement. won’t be subject to division. The following are usually separate properties:
- Earned income before marriage
- Acquired assets before marriage
- Acquired gifts before and after marriage
- Received inheritances before and during a marriage
- Purchased property with separate property
You must keep your inheritance separate to ensure it is not subject to division during the divorce. For example, when spouses have happier times, they usually deposit an inheritance into their joint bank account. The owner of the inheritance won’t think about ever divorcing his/her spouse and doesn’t see any harm in depositing it. These couples will be so blinded by love that their mentality will be “what’s yours is mine”. However, when marital assets are commingled with an inheritance, the divorce proceedings can be complicated and may convert to marital property.
So, beware if you are expecting an inheritance while going through a pending divorce through the court system. You must keep that money separate from the marital assets. Deposit the money in your own bank account with only your name on it and not a joint checking account. You also shouldn’t pay marital debts with your inheritance funds to prevent any further confusion.
How an Attorney Can Help
The division of assets can be tremendously complex if your divorce involves a high net worth or high assets. So, it will behoove you to consult a reputable attorney with extensive experience in the valuation, protection, and distribution of assets.
In more contentious divorces, this lawyer can ensure representation of your interests in court. And even if the divorce is more friendly, it is still imperative to hire a lawyer to negotiate with your spouse’s attorney to define the marital assets, and then the percentage of entitlement. Once a deal is reached, the attorney must ensure that it is properly drafted. In the alternative, in the absence of an agreement, your lawyer will also help guide you through the court system by hiring the right experts to value the assets, and ensure that a proper investigation of assets in conducted.
For More Information:
For more information about the distribution of assets, contact Fass & Greenberg today. This divorce law Garden City NY has been providing legal services regarding such legal issues for over 25 years.
As Garden City mediation attorneys, they have deep insight into mediating alternatives to resolve disputes between parties. As a family lawyer Garden City NY, they specialize in child visitation and custody, in equitable distribution of assets, and more. Even as separation attorneys Garden City NY, these attorneys can effectively work out separation agreements, file paperwork, and more.
You won’t go wrong when working with a divorce lawyer Garden City. So, contact these Garden City divorce attorneys today!
