Property Division
If you are getting a divorce, your property and financial security are at stake. The best way to protect your rights and your assets is to retain an experienced divorce and family law attorney.
At the law firm of Macht, Brenizer & Gingold, we practice exclusively in family law. Our attorneys have decades of family law experience. We have extensive experience in cases involving complex property division and debt allocation issues.
Marital and Separate Property
In New York, property owned by parties in a divorce is subject to equitable division. If a husband and wife are not able to reach an agreement concerning the equitable division of their property, a judge will issue a divorce order which divides the property in accordance with New York law.
When determining what constitutes an equitable division of property, the court will divide property into two distinct categories: marital property and separate property. Marital property is almost any type of property acquired during marriage, including the appreciation of assets acquired during a marriage.
Separate property is any property that was acquired before the marriage or by gifts or inheritance (before or during the marriage). As a general rule, separate property belongs to an individual spouse and is not subject to equitable division between the parties.
Additional Considerations
As a general rule, judges may not divide separate property. However, if a husband/wife is in a superior financial position than their spouse because they have a significant amount of separate property, a judge may consider that fact in ordering a disproportionate amount of marital property to the other spouse, or in ordering an award of alimony.
Contact Us
If you need to speak with an experienced divorce lawyer, contact Macht, Brenizer & Gingold in Syracuse, New York. We represent clients throughout Central and Upstate New York. To contact our firm, call 315-849-2319, or contact us by e-mail.
