Hudson Valley Property Division Attorneys
Beacon Property Division Lawyers Who Work With Your Schedule
When a couple divorces, their marital property must be divided. Although some couples are able to come to an amicable agreement about property division, this is often not the case, and the court will have to decide how property will be divided. At Letterio & Haug, LLP, our Hudson Valley property division lawyers take a strategic approach to complex cases and offer tailored legal representation from a team of Dutchess County family law attorneys with nearly two decades of combined experience.
Contact our Dutchess County property division lawyers to have your questions answered in a consultation. Our office is located in Beacon.
Equitable Distribution in New York
New York uses the method of equitable distribution to divide marital property. Sometimes, this will result in equal distribution, but this is not always the case. The judge will strive to distribute marital property fairly, and a variety of factors will be considered in making this determination.
The court may consider factors such as:
- The income and separate property of each spouse
- The age and health of each spouse
- Pensions, health insurance, and inheritance rights
- The duration of the marriage
- Whether alimony has been awarded
- Future financial circumstances of each spouse
- Liquid or non-liquid character of the property
- Whether one spouse has wasted, transferred, or encumbered marital property
Only marital property will be divided, and each spouse will keep his or her own separate property. Marital property is all property acquired during the marriage, the income of each party during the marriage, and property purchased with marital assets. The retirement benefits of each spouse which were earned during the marriage and the appreciation of property is considered marital property in the divorce proceeding.
What About Debts?
Unbeknownst to many people, the debts they accrue throughout a marriage are often considered marital assets. As a result, you may find yourself on the hook for some of your partner's debts, even if they acquired them on a personal credit card.
For this reason, keeping track of debts you or your partner owe is vital if you want to obtain the most equitable outcome in your property division dispute.
What if My Partner Hides Assets?
During property division cases, spouses have a fiduciary duty to one another. Neither party can tamper with, sell, or destroy marital property without the knowledge of their spouse without incurring legal penalties.
In some divorces, parties attempt to hide assets they own to get a more favorable judgment from the court. Some popular ways of hiding assets include:
- Buying assets such as artwork the party then hides and re-sells after finalizing the divorce;
- Taking out "loans" or "loaning" money to friends that they won't need to repay or be paid for;
- Channeling funds acquired from a source such as a business through a friend, employee, or family member to avoid reporting it;
- Underreporting the value of assets they own.
If you believe your spouse is hiding assets from you, speak with your attorney. They can help you use a third-party professional, such as a forensic accountant, to identify hidden assets and report them to the court so you get the outcome you deserve from your property division case.
Our New York property division lawyers will work with you to ensure you obtain the best possible outcome from your property division case.
Separate property includes property acquired by each spouse prior to the marriage, property received as an inheritance, compensation for personal injuries, and property characterized as separate in a prenuptial agreement. There is often disagreement about whether certain property is marital or separate. Our Hudson Valley property division attorneys in Beacon, NY, aggressively advocate on your behalf and fight for fair distribution of marital property.
Contact our Beacon property division attorneys to learn how the law applies to your situation. We take clients throughout Putnam County, Ulster County, and Orange County, NY.
Flexible To Work With Your Schedule
Compassionate & Empathetic Legal Team
Personalized Attention For Every Case
Aggressive Advocates For Every Client
Direct Access To Your Managing Attorney
Strategic Approach To Complex Cases