How to Handle Division of Assets in a New York Divorce
How do you deal with the legal aspects of splitting up your assets and most valued possessions? The decisions are up to the couple, however, if the couple cannot amicably determine how to divide their assets, it may be best to seek the assistance of an experienced divorce mediation attorney.
A New York divorce mediation attorney can help you resolve complicated issues surrounding your divorce which may ultimately be a good way to avoid court and the high legal fees that coincide with litigation.
Whether you decide to tackle this matter yourself or seek the counsel of an experienced New York divorce mediation attorney, it may be beneficial to have a basic understanding of where to begin:
- Equitable Distribution: is based on many factors such as earnings, age, health, and contributions made and does not necessarily mean an equal division.
- Separate & Marital Property: separate property may include real estate, inheritance, heirlooms, and insurance. Marital property are things or property that were acquired during the marriage.
- Personal Property: consists of clothing, watches, accessories, shoes, and any gifts given to your spouse.
- Electronics: if there are electronics that were shared in the home such as a desktop computer, iPad, or laptop; these items will need to be divided up as well.
- Cars/Trucks/Boats: if you owned a car, truck or boat prior to your marriage, it is considered separate property, however, if it was acquired during the marriage the couple must decide who gets what or sell the vehicles and split the proceeds from the sale. It can get complicated if an asset was acquired during the marriage using funds acquired prior to marriage.
- Sentimental Value Items: each person will have items that they have a sentimental value towards. Whether this includes photographs, fine art, family heirlooms, jewelry, souvenirs or collectibles, the couple will have to determine how to split up these items.
- Home/Condo/Vacation Home: you must collectively decide if you will sell the home and use the money to find a new place to live or if one spouse will continue to live in the home. Other considerations are a buy-out, or division of the proceeds, and tax considerations. Who will be responsible for the mortgage payments also needs to be determined. When dealing with a vacation home, it might be easier just to sell it and split the proceeds, however, the home (primary residence) that the couple lived in together may be a much more difficult issue to resolve.
If you are facing a New York divorce, contact an experienced divorce mediation attorney who can help you with handling the entire division of assets process. You may get a more favorable end result by utilizing the legal expertise of an experienced divorce mediator who has years of experience handling these types of legal matters.
Contact The Sabra Law Group today for a confidential consultation at (646) 472-7971.