The division of property after divorce, also known as division of the marital estate, can be a contentious issue. In its basic form, it consists of a court decision regarding the equitable division of the former couple’s assets and liabilities. If you find yourself or a loved one in need of a divorce attorney Nassau County NY, they will certainly be able to assist with the division of the property after divorce.
Issues On the Table When Dealing With Division of Property
Several issues are typically considered by a judge when determining the fairness of the division of property:
• Each person’s income, property, and debts
• The age of each person
• The length of time of the marriage
• The physical and mental health of each person
• Potential tax consequences
• The possibility that one person may need to remain in the marital home
Kinds of Property Tha Can Be Divided
The type of property that is up for division encompasses all forms of jointly-owned marital property. This property can include, but is not limited to:
- Real estate you and your spouse bought during the marriage
- Personal property, like cars, boats, and artwork that was bought during the marriage
- Cash, investment accounts, and pensions acquired during the marriage;
- Advanced educational degrees and specialized business permits acquired while married
- Gifts given to each other while married to each other
Property that cannot be divided is termed “Separate property“. It includes items that were acquired before the marriage or after the date of separation.
The division of marital estate can get quite complex. Because of the myriad of potential complexities, you’ll most likely need an attorney competent in family estate matters to receive the best possible outcome. They not only know the law but may slo be helpful in mediating an equitable solution in many cases.