Property Division in Long Island Divorces
New York Equitable Distribution Laws
Other than the issues relating to the children of divorcing or
separating spouses, the division of assets is the most important and often contentious
issue. In these matters, it is important to have a professional at your
side who can properly present your interests while protecting your legal
rights to the fullest extent.
Long Island divorce lawyer at The Virdone Law Firm, P.C. can offer you empathetic support along with
dedicated legal representation that will help you seek a positive resolution
in regard to property division.
We help clients in Queens, Nassau, and Suffolk Counties in the area of
property division and all divorce or
family law matters.
Get Your Fair and Just Distribution
Property Division in Nassau, Suffolk & Queens Counties
In New York, anything owned by the spouses must be accounted for and categorized
as either "marital" or "separate" property. Separate
property remains with the spouse that is its sole owner and marital property
is subject to division.
Separate property is generally defined as goods that were acquired by a
spouse either before the marriage or after the divorce was commenced.
The most common examples of separate property acquired during the marriage
are gifts from third parties, personal injury awards, and inheritance.
However, if separate property was commingled with marital property, it
may become subject to division, such as if a home owned by one spouse
prior to the marriage that appreciated in value while lived in by both,
that appreciation may be a marital asset.
The more complex and litigated assets are those considered marital property.
These comprise any asset acquired or accumulated during the marriage regardless
of by which spouse. While some assets are easy to value, such as cash,
stocks, bonds, and real estate, some assets are subject to serious litigation.
Examples of assets that typically involve complex valuation are future
earnings or the value of a business.
Factors Assessed by the Court During Property Distribution
The state does not mandate an even split, so even after assessments are
made, experienced divorce attorneys can best maximize your share and ensure
that all assets are discovered.
Factors weighed by the courts include:
- The age and health of each party
- The length of the marriage
- The earning power of each spouse
- The separate property of each spouse
- The contributions of each spouse to the marriage, both financial and homemaking
- Contributions of one spouse to the career of the other
- Waste of assets by either spouse
- Occupancy / ownership of the marital residence
- Spousal support
- The probable future financial circumstances of the parties
- Any transfer or encumbrance made in contemplation of a divorce action without
When you work with a family law attorney at our Nassau County law office,
you will find that we have vast experience valuing assets and regularly
work with outside experts in this area. Our goal is to ensure that our
client does not obtain less than they should after a divorce whether the
process involves calm negotiation or complex litigation.
Long Island family law attorney
at our law firm to learn more about how we can help you address the division
of assets and property in your divorce or separation.