NEW YORK CITY DIVORCE ATTORNEY
Division of marital assets is one of the main issues in most divorces. Generally, marital property is property you acquired during the marriage, with a few exceptions. Gifts given to one spouse only, inheritance given to one spouse, and items bought with gifted or inherited money are usually not considered marital property. When calculating asset division involving these types of assets, it is best to work with an experienced New York City divorce lawyer.
UNDERSTANDING MARITAL PROPERTY LAWS
Determining what is marital and what is not can become very complex, especially when property division is involved. Our attorney, Andrew J. Spinnell will help you calculate the value of property purchased before the marriage and estimate how much that property accrued value during the marriage. Marital property can also include your marital home, retirement plans, businesses, securities, vehicles, life insurance, valuable collections and household items, as well as the money in your bank account.
Equitable vs. Equal
New York City State allows for equitable distribution of marital property in a divorce. Equitable does not necessarily mean 50/50, although it is often an even division. Equitable distribution is a fair division of the assets and debts you acquired during the marriage.
To determine equitable distribution of marital assets, courts consider a series of statutory factors, including:
- Length of the marriage
- Needs of dependent children
At The Law Offices of Andrew J. Spinnell, LLC, we help our clients with asset distribution and property division during a divorce. We understand that divorces can be challenging and that decisions made during a divorce will affect your future. Serving people throughout the New York City metropolitan area, we work diligently to make sure that your interests are protected and that you achieve the best possible results.