When you are going through a divorce, one of the most contentious issues you will face is the division of property. You and your spouse will need to determine how to divide your assets and debts, and if you cannot agree, the court will decide for you. Having an experienced attorney on your side is important to help you protect your interests and ensure that you receive a fair settlement. At Aaron M. Gavenda, Esq., we have extensive experience handling property division matters. Our Rochester property division lawyers work closely with our clients to create effective strategies for protecting their assets and securing their financial future.
Call Aaron M. Gavenda, Esq. today at (585) 332-4501 or contact us online to schedule a consultation with our property division lawyer in Rochester.
What is Property Division?
Property division, in the context of family law, refers to the distribution of assets and liabilities between spouses during a divorce or separation. This includes a wide spectrum of properties such as real estate, financial assets, personal belongings, and even debts. Achieving a fair and equitable division requires a thorough understanding of New York's laws and a strategic approach tailored to each case's unique circumstances.
How is Property Divided in New York?
The state of New York follows the principle of equitable distribution when it comes to property division. Equitable distribution does not necessarily imply equal distribution but rather what is deemed fair under the case's specific circumstances. The court considers various aspects, including the duration of the marriage, the financial contributions of both spouses, and the future financial needs of both parties.
The classification of assets as separate or marital is a crucial step in the process. Marital assets obtained during the marriage are subject to equitable distribution, while separate assets acquired before the marriage or through inheritance typically remain with the original owner. However, it's important to note that the commingling of assets or other factors may complicate this distinction.
Property Division Process in New York
Understanding the property division process in New York is essential for anyone navigating divorce or separation. The process generally involves the following key steps:
- Asset Identification: The first step is identifying and classifying assets as marital or separate. This may involve obtaining financial records, appraisals, and other relevant documentation.
- Valuation: Assigning a monetary value to each asset is crucial for equitable distribution. This may include determining the value of real estate, investments, businesses, and other properties.
- Debt Allocation: Debts accumulated during the marriage must be addressed in addition to assets. This could include mortgages, credit card debts, and other liabilities.
- Negotiation and Settlement: Parties are encouraged to negotiate and reach a settlement agreement outside of court. This allows for more control over the outcome and can be less adversarial than a court-imposed decision.
- Court Intervention: If negotiations fail, the court may intervene to make decisions regarding property division. In such cases, presenting a compelling case is crucial to secure a favorable outcome.
Contact Our Property Division Lawyer in Rochester Today
At Aaron M. Gavenda, Esq., we are committed to providing personalized legal representation tailored to the unique aspects of each case. Our Rochester property division attorney understands the complexities involved in property division and is equipped to guide you through the process with expertise and compassion. We are ready to provide the legal support and representation you need during this challenging time.
Contact Aaron M. Gavenda, Esq. today to get started with our Rochester property division attorney.