Fairport Property Division Lawyer

Fairport Property Division Attorney

When a couple makes the difficult decision to divorce, several factors must be considered. For example, spousal maintenance, child custody, and property division are common issues. Property division determines how the couple’s assets and property will be split between them, with the goal being that they are divided fairly. If you have recently entered the divorce process and want to protect your hard-earned assets, you may want to hire a Fairport property division lawyer to assist you.

At Trotto Law Firm, P.C., we work hard to protect the rights of our clients and make sure they receive what they are entitled to in their divorce. We take a collaborative approach to litigation, involving our clients in our decisions as we guide them through the legal process.

What Is the Property Division Law in New York?

New York operates under the equitable distribution law, which means property is divided fairly between both parties after a divorce and not necessarily equally. With equitable distribution, the judge considers both marital property, which is acquired during the marriage, and separate property, which is obtained before the marriage, when making their final judgments.

Property can be real property or personal property. Real property includes homes, land, buildings, or businesses, while personal property includes cars, boats, planes, jewelry, gifts, and other possessions. Assets can include cash, investments, retirement accounts, IRAs, etc. All these are considered during property division.

Examples of Marital Property

Determining what is marital property in Fairport, NY can be very nuanced, as sometimes one spouse or another may put property in only their name. However, if the property was purchased while in the marriage, it is still marital property, regardless of whose name the property is in. Some other examples of marital property include the following:

• Real property purchased by both spouses during the marriage
• Personal property that both spouses acquired while they were married
• Assets, such as cash, securities, retirement funds, etc., that were obtained during the marriage
• Gifts made to one another

Examples of Separate Property

Separate property is generally any property or assets that either spouse secured before the marriage. An example would be if you made a down payment on a property with funds you acquired before the marriage. In addition to real and personal property obtained before the marriage, other examples of separate property include but are not limited to:

• Inherited property you obtained during the marriage that wasn’t from your spouse
• Increases in value of your separate property
• Any property outlined as separate property in a prenuptial or postnuptial agreement

What Are the Main Considerations for Property Division in New York?

Aside from marital and separate property, the judge considers other factors when determining how property will be divided between the former spouses. Both real property, such as houses, land, businesses, etc.; and personal property, like cars, boats, planes, etc., will be taken into consideration. Here are some of the factors the judge may lean on when dividing property:

• The income and property of both spouses before the divorce and once the decision to divorce was made
• How long the marriage lasted
• The age and health of each spouse
• Children, including the needs of the custodial parent
• Any losses experienced, such as a loss of inheritance or benefits because of the divorce
• Spousal maintenance awarded to either spouse
• Immeasurable contributions of one spouse or another, such as helping the spouse obtain a degree or more income
• The liquidity of any assets
• The future financial state of either party
• Tax obligations of either party
• If one spouse wasted or disposed of any assets leading up to the divorce

Ultimately, the goal is that assets are split equitably, rather than 50/50. By considering all the above factors, the judge can be sure they are making a fair decision. It is important to come prepared with this information to help the legal process go more smoothly. At Trotto Law Firm, P.C., we can help you collect important documents, evidence, and information, to better your chance of receiving your fair share.

FAQs

What Is a Lawyer Who Deals With Property Division Called?

Several lawyers deal with property division. However, family lawyers typically take on property division cases. Fairport family lawyers are lawyers who litigate cases that deal with family disputes, whether it is divorce, child custody, child support, estate planning, property division, or guardianship, among other cases. These lawyers have specific education and experience and are ideally suited to handle property division cases.

How Is Property Divided in a Divorce in NY?

In New York, property is divided under the laws of equitable distribution. Unlike some states, which split property and assets 50/50 or equally, in New York, judges divide property fairly. Both marital property, or property gained while within the marriage, and separate property, or property acquired before the marriage, are considered under equitable distribution.

Is My Wife Entitled to Half My House, Even If It’s in My Name?

It depends. Your wife may or may not be entitled to half of your house, depending on the judge’s discretion and the laws of equitable distribution. If the house was purchased within the marriage, even if your name was on it, your wife may be entitled to some of the value of the house. If the house was purchased before you were married, then your wife may not be entitled to it. The final decision rests upon the judges’ discernment.

How Long Do You Have to Be Married to Get Half of Everything in NY?

New York operates under the laws of equitable distribution, so property and assets are divided fairly and not necessarily 50/50. However, the judge will often consider the length of the marriage when making their final judgment. Typically, if the marriage lasted longer, either party may be entitled to more of the party, while a shorter marriage may mean either party may receive less of whatever property or assets are in question.

Contact Trotto Law Firm, P.C., Today

At Trotto Law Firm, P.C., we are caring advocates for your rights. We understand that divorce can be stressful and overwhelming, so we are here to make the process smoother. We handle the legal aspects, so you are not bogged down with confusing legal terminology. Contact our office today for a consultation. Our asset division law firm is ready to begin our legal partnership.