Hudson Valley Property Division Attorneys

Our Property Division Lawyers 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 property division attorneys with two decades of combined experience.

Contact us today by calling (845) 203-0997 to have your questions answered in a consultation. Our office is located in Beacon, NY.

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 are considered marital property in the divorce proceeding.

Our Dutchess County property division lawyers will work with you to ensure you obtain the best possible outcome from your property division case.

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.

Can I Keep My Separate Property?

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.

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.

Frequently Asked Questions (FAQ)

1. What is equitable distribution in New York?
Equitable distribution is the method used in New York to divide marital property during a divorce. It aims for a fair distribution based on various factors, rather than simply splitting assets 50/50.

2. What types of property are considered marital property?
Marital property includes all assets acquired during the marriage, income earned by either spouse, and property purchased with marital funds. This includes retirement benefits and appreciation of property, but excludes separate property.

3. How is separate property defined?
Separate property is property that was owned by one spouse before the marriage, inherited property, compensation for personal injuries, and any property explicitly defined as separate in a prenuptial agreement.

4. Can debts also be divided in a divorce?
Yes, debts accrued during the marriage are generally considered marital assets and can be divided between both spouses. This includes personal credit card debt, mortgages, and loans.

5. What if my spouse is hiding assets?
Hiding assets is illegal and violates the fiduciary duty spouses owe each other. If you suspect your spouse is hiding assets, consult with your attorney, who can employ a forensic accountant to investigate and uncover hidden assets.

6. How does the court determine property division?
The court considers multiple factors, including the income and property of each spouse, their ages and health, the length of the marriage, whether alimony has been awarded, and the financial circumstances of each party.

7. Can I contest the division of property?
Yes, if you believe the proposed division is unfair or not equitable, you can contest it. Your attorney can help present your case to the court, highlighting factors that warrant a different distribution.

8. How long does the property division process take?
The duration of the property division process can vary widely depending on the complexity of the case and whether both parties can reach an agreement. It can take anywhere from a few months to over a year.

Contact our property division attorneys by calling (845) 203-0997 learn how the law applies to your situation. We take clients throughout Putnam County, Ulster County, and Orange County, NY.