First Steps to Dividing Martial Property and Debt
No one likes to think about it, but sometimes getting a divorce is the best solution for a bad marriage. Getting a divorce is never pleasant and it often involves a bitter court dispute over the division of property between the two parties. These property disputes are often highly-emotional because a spouse’s judgement can be clouded by his or her hurt feelings. However, eventually, you have to put your feelings aside and take steps toward dividing your property.
Dividing Marital Property
The first step in dividing your property involves determining what property is separate property and what property is property is marital property. This is not as easy as it might seem. Often, separate property is mixed with marital property over the duration of the marriage. It can require an in depth analysis to determine how to fairly divide your property in these situations.
After you determine what property is marital and what property is separate, you need to come up with a reasonable value of the property. In many cases, you can have the property appraised to arrive at a fair market value. However, some assets such as retirement plans and pensions require using a different set of calculations to determine what a spouse is entitled to receive in a divorce.
Both the issues of what is marital property and what is it actually worth can be very complicated issues. Often, spouses are unable to decide how to divide their property. In these cases, it is up to the court to decide how to divide the property. The State of New York is an equitable distribution state. This means that a court will attempt to distribute the property fairly. However, fairly does not necessarily mean evenly. If you are going through a divorce in New York, you need the help and advice of an experienced New York divorce attorney.
The Strazzullo Law Firm has been fighting for clients just like you since 2001. Over the years, the success of the firm has resulted in it growing from a single office to several offices located throughout New York City. If you are going through a divorce, don’t hire just any lawyer. Call Strazzullo to talk to a highly-experienced New York divorce attorney today.