Who gets what in the divorce is always the first question any client asks. Divorce property division is one of the most acrimonious aspects of divorce law. Myths about property division that have been perpetuated both on television and movies makes it difficult discussing this aspect of divorce. The division of property after divorce is dependent upon the type of state you live in. In short, New York is an “equitable distribution” state based off of common law, and unlike “community property estates” where the partner is automatically awarded half of everything you obtained together during the marriage, in an equitable distribution state there are many different tests the courts put to assets to determine who is entitled to what. The goal is not an even split, but a fair split. Division of property divorce is handled in such a manner as to be fair to both the individuals in the marriage and the marriage itself.
The goal of every property division divorce is to produce a fair outcome. For example, if you own a house and your name is on the deed, the court considers you the owner, but the spouse will be able to claim a portion of that residence regardless of whether or not their name is on the deed. A variety of different factors are considered during the division of property in divorce in an equitable distribution state like New York.
Hire an experienced attorney for the property division
Separation of marital property is formulaic. There is potential for a spouse to receive a great deal from the division of marital property or very little, and that amount is dependent upon what the attorney is able to prove in the court in regards to the length of the relationship, contributions of both partners, and who owned what and when. The investigation of divorce property sometimes requires your New York divorce attorney to reach out to investigators to ensure that all of the divorce marital property has been located and produced for the courts.
Dividing marital property is the job of the attorneys and the courts. Divorce and division of the property involved is what makes or breaks a family law practice. Being able to navigate the property division in divorce cases and produce the most equitable result for the client is the duty of every firm. Dividing property in a divorce consists not only of physical property, but also ethereal items such as professional licenses. Attorney Julia Kron was responsible for creating case law that enabled his client to benefit from the future income of her husband’s professional license which she supported the acquisition of during their marriage. This case has made it easier for attorneys and courts to calculate an “equitable” amount that should be given to the spouse of the individual who was able through their support to obtain a professional license like that of a physician or attorney.
When dividing property in divorce, future earnings against a license or business becomes essential to a fair outcome. Even if one partner did not work in the start up of a business or obtain the license, if he or she contributed to household earnings so that the other partner could receive a license or start a business, his or her contributions will be placed against future earnings of a business or professional license. Therefore, don’t think in terms of physical property only in the division of marital assets, but also recognize that the property division in a divorce also consists of law licenses, medical licenses, financial certifications and other certificates with earning potential.
We want you to have what you deserve from a marriage that you went into with the very best intentions. Divorce and division of property is one of our specialties. We want you to keep what is fair and equitable. It is our goal to be that mechanism by which a true equitable distribution is meted out. When children are involved, we want them to see seamless transition and not do without because the two parents can no longer cohabitate.
Call us today for a free consultation with one of our attorneys. Remember, you’re not asking for more than you deserve, just an equitable distribution. The equitable division of property in a divorce looks at:
- the length of the marriage
- the income of both parties, as well as, their future earning potential based off of licenses and
- COI increases
- the age of both parties
- homemaking/childcare responsibilities during the marriage
- the investment of one partner to the other’s education or training
- the standard of living
- if marital assets were misappropriated (see “fault divorce”)
- other relevant factors
Call us today to discuss divorce division of property. Julia Kron will help you out.