Skilled Property Division Attorney In New York City
When a divorce involves a Manhattan co-op, a Brooklyn brownstone, joint bank accounts, retirement savings or a family-owned business, deciding how to divide assets can become complicated. New York’s equitable distribution principles generally guide how courts divide marital property and the outcome often shapes your financial picture long after the court finalizes the divorce.
A property division lawyer in New York City can help you identify potential marital assets, address disagreements over property values and work toward a fair distribution. At PM Law PC, we assist clients across New York in navigating these choices by listening to your concerns and carefully reviewing the details of your financial circumstances.
How New York Courts Divide Property In Divorce
New York courts apply equitable distribution principles under state domestic relations law. In this context, equitable means fair, which does not always mean an automatic 50-50 split. A judge typically weighs several statutory factors to determine each spouse’s fair share, including:
- The length of the marriage
- Each spouse’s age, health and ability to earn income
- Each spouse’s contributions as a homemaker, parent or primary earner
- Each spouse’s dissipation of assets or financial transfers before filing for divorce
The law generally requires judges to set forth the reasons for their decisions in writing. As part of the financial discovery process, both spouses typically must submit a sworn Statement of Net Worth providing a comprehensive disclosure of all income, assets and debts.
When the court cannot physically divide an asset, such as a real estate holding or private company, it may consider a buyout or monetary distributive award structured as a lump sum or installments. Both spouses can work out a property settlement through mediation or follow the terms of a valid prenuptial or postnuptial agreement.
Marital Property Vs. Separate Property In New York
Marital property generally covers assets and debts either spouse accumulates during the marriage before the divorce action begins, even if the title or account is held in only one spouse’s name.
Separate property belongs strictly to one spouse and is excluded from property division during a divorce, like assets owned by either spouse before the marriage, inheritances or bequests received by one spouse during the marriage from a third party or gifts given specifically to one spouse by someone other than their partner.
Growth in separate property typically stays separate unless the other spouse helped it grow. Mixing separate funds into a joint account can blur the line, so keep clear records. Property acquired after a divorce case begins is usually separate as well.
Assets And Debts The Court Can Divide
A property distribution attorney will often look well beyond the house and bank accounts. Common items include:
- Real estate, including the marital home and rental property
- Retirement accounts and pensions earned during the marriage
- Business interests and professional practices
- Investments, stock options and vehicles
- Mortgages, credit cards and loans
Valuing a business or real estate holding often requires an outside appraisal. The attorneys at PM Law PC handle asset and wealth assessments and business or real estate valuations, including in high net worth matrimonial litigation.
Find Legal Support For Property Division In New York City
The property decisions you make during a divorce can influence your financial stability for years to come. Call 917-634-8715 or reach out through our website to schedule an initial consultation. The attorneys at PM Law PC meet with clients by appointment are ready to discuss your situation.