Experienced New York Division of Property & Debt Lawyer serves the Boroughs and Long Island
Next to establishing child custody and visitation, the division of marital property and debt is one of the most stressful aspects of divorce and separation. The divorce or separation situation is stressful enough and then ownership and money is thrown into the mix. Partners can become extremely possessive over what they perceive as theirs, and extremely callous over dumping their debt on their unsuspecting soon-to-be former spouse. During this time of upheaval, you need a compassionate property and debt lawyer who is passionate about making New York's property and debt laws work for you.
The family law team at The Kepanis Law Firm will ensure that your rights and interests in the division of marital property and debt (or 'equitable distribution') are maintained and addressed.
Our experience has shown us that the extra conflict of the division of marital property and debt in divorce or separation proceedings is the same regardless of the financial status of each family member. Our experience has also shown that where high-value properties, investments, and debts are present, the complexity of the case increases. Other challenging issues include:
- Investment assets;
- Family-owned businesses;
- Professional practice interests
- Investments;
- High-value homes and investment real estate;
- IRS tax debt and credit card debt.
The Kepanis Law Firm office is located in Uniondale, New York and is committed to guiding you through the entire process of equitable distribution of marital property and debt. At this point in your life, you need a legal team that knows family law, and property and debt laws, and that can help you navigate these complicated waters while ensuring that your rights are protected.
At this emotional and stressful time, you need the experience and guidance of professionals who can help you make the tough decisions and help you establish a new life for yourself and your family.
You don't have to do this alone. The experienced family law and property and debt law specialists at The Kepanis Law Firm will walk you through every step of the process.
Division and Distribution of Marital Property Laws
In New York-which is an equitable distribution state-marital assets are divided fairly, but not necessarily 50/50. "Equitable does not mean equal." Issues that need to be taken into consideration include:
- The duration of the marriage;
- Earning potential;
- Future earning capability; and,
- Health, age, and income of the parties involved.
Primary issues regarding marital property division include:
Identifying and Defining Separate Property - Separate property includes any assets you brought into the marriage, received as a gift or inheritance or through personal injury pain and suffering awards (unless they were merged with marital assets). Separate property is exempt from equitable distribution. All other non-separate property will be distributed as marital property.
Asset and Debt Evaluation - Once all assets/property and debts are clearly identified, negotiation of equitable division begins. Through negotiation, we will settle who gets the primary residence, who assumes the credit card debt, and how the retirement funds are divided. Typically, all assets accumulated during the marriage-including pension plan, 401(K) accounts, businesses, and real estate-are considered marital property and are subject to equitable distribution.
Division of Marital Debt
Equitable distribution of marital property also applies to marital liabilities such as loans and credit card debt.
The experienced property and debt division team at The Kepanis Law Firm will work with professional appraisers, accountants, and actuaries to properly valuate your marital property. Our experience and knowledge of New York State laws means that we can work with you to tailor an innovative and equitable proposal and/or properly assess the other party's proposal.
Your family law team at The Kepanis Law Firm will protect your rights and ensure that you receive equitable distribution of all assets and debt. We will use all methods available to identify and assign ownership and correct valuations to all property and liabilities, including, when appropriate, the use of forensic accounts to locate hidden assets, business valuation experts, and other financial experts.
Your Kepanis property and debt law team will protect your rights and ensure that all marital property and debt are divided fairly.
Do not go into these negotiations on your own. Trust the property and debt experts at The Kepanis Law Firm. Find out how we can help protect your rights and interests. Contact our family law attorneys today.