During the process of divorce, a separating couple will need to divide their marital property. In the state of New York, divorcing couples will be required to split and distribute marital property equitably. "Equitably" does not necessarily mean that property will be split equally between the two spouses; rather, it implies that the martial property will be divided fairly.
Unfortunately, what may seem fair or just to you may not be what a judge deems fair. Oftentimes, items that were brought into a marriage by one party end up being converted into marital property either intentionally or, in some cases, accidentally. Gray areas such as these can cause significant difficulties in the property distribution process, especially in cases centered on the division of a marital home, a family business, bank accounts, debts, or retirement plans.
The courts will typically view your marriage as a partnership and will split your property based on this assumption. What you originally thought was yours may not be in the eyes of the law.
Marital property could include:
If you are determined to ensure a fair and just distribution of your marital property, it will be crucial that you speak with our skilled lawyers. We maintain an impressive network of financial consultants and expert forensic accountants who can uncover hidden assets or private business funds to help you keep what is yours or access what should be shared with you.
As part of the distribution process, the marital residence will need to be appraised. Unfortunately, the collapse of the housing market has significantly impacted property distribution. The result can come as a rude shock to spouses who thought their homes were worth more than they are now.
Some couples will be left with unfavorable, yet necessary, options:
We can provide you with legal counsel on the legal ramifications and implications of any of the choices that are available to your family. Having represented many families in the Beacon and Dutchess County areas, we know that the process of parting with a former spouse and your property can be incredibly difficult. We aren't afraid to take swift legal action to effectively help you make beneficial choices.
At the Law Office of Dennis R. Vetrano, Jr., LLC, we exclusively practice family and matrimonial law. Each member of our firm has acquired the necessary skills and resources to help guide your case to an optimal and fair resolution.