If you are getting a divorce, it is crucial that your rights to your assets are protected throughout the divorce process. Even if you anticipate an amicable divorce, emotions are an inevitable part of the divorce process that can have an effect on the distribution of assets between you and your ex-spouse. Thus, it is still crucial to have an advocate in your corner in case things take a turn for the worse.
Put 20 Years of Legal Experience to Work for You.
At Peter L. Cedeño & Associates, P.C., our lead NYC divorce attorney, Peter L. Cedeño, not only has 20 years of legal experience but was a former prosecutor as well. Thus, you can be sure that he knows his way around a courtroom. Striving for a fair divorce settlement is best, but if a situation becomes difficult, we have the negotiation and courtroom skills necessary to be your strongest and most persuasive advocate.
When people marry, each spouse brings separate property to the marriage. The couple also acquires property together during the marriage (marital property). Marital property is divided fairly (but not necessarily equally) between the two spouses.
When couples seek a divorce in New York, they are free to reach a property settlement in regards to their separate and marital property. If the spouses are unable to reach a settlement agreement, the judge makes every effort to divide the couple's marital property as fairly as possible in accordance with the law.
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Under New York's Domestic Relations Law, marital property is all property acquired by either spouse during the marriage and before the separation agreement, or commencement of the matrimonial action, regardless of how the title is held. In the absence of a premarital agreement which excludes certain property from a marital estate, it is presumed that property acquired during the marriage is "marital property."
Marital property that consists of shared assets includes:
Laws pertaining to asset distribution may be found in Article 13 of the New York Code – Domestic Relations (Dom. Rel. Law § 236).
Separate property includes:
Separate property remains separate unless you have commingled it with your spouse. If you commingle separate assets with your marital assets, the judge may consider all or a part of it as marital assets and distribute it accordingly.
If you are seeking a divorce, contact a New York City family law lawyer from our office. Our goal is to save you time and money by reaching a settlement with your spouse's attorney, but if your spouse fails to reach a fair agreement, we stand ready to fight for what you deserve. With two decades of experience, we know how to fight for your rights under New York law.
Contact our office today to learn more about asset distribution.