Brooklyn Property Division Lawyers

Achieving Equitable Distribution of Marital Assets

Dividing the assets and debts that you have accumulated during your marriage is one of the most stressful and contentious parts of a divorce. At Arnel Law Firm, we work hard to find fair solutions to asset distribution through negotiations rather than through drawn-out litigation. That said, our Brooklyn property division lawyers are always trial-ready in the event that a more aggressive approach becomes necessary.

Protect Your Assets During Divorce – Property division can be complex, but you don’t have to face it alone. Contact us today at (718) 550-3024 to discuss your case and safeguard your financial future.

Understanding Marital Property Division in New York

As an “equitable distribution” state, New York requires that marital property is divided equitably (i.e., "fairly," though not necessarily equally) between the spouses in a divorce. It is important to note that property division applies to marital property only; any property acquired or inherited before your marriage will likely be considered separate property and will not be subject to division unless it was with marital property.

New York judges weigh a number of factors to determine how to arrive at an equitable distribution of property, including:

• The length of the marriage
• Earning power of both spouses
• Separate property of both spouses
• Wasteful dissipation of marital assets
• Responsibility and care of any children

Factors That Affect Property Division in New York

New York follows equitable distribution laws, meaning that marital assets are divided fairly, though not necessarily equally. Several factors influence how courts determine a fair division:

• Spousal Contributions – Courts consider both financial and non-financial contributions. A spouse who sacrificed their career to support the other’s education or raise children may be entitled to a larger share of assets.
• Marital Debt – Just like assets, debts accumulated during the marriage are divided. Courts examine who incurred the debt and for what purpose.
• Length of the Marriage – Longer marriages often lead to a more balanced division of assets, whereas shorter marriages may result in a split closer to what each spouse brought into the marriage.
• Gifts & Inheritances – Generally, inheritances and gifts received by one spouse are considered separate property, but if they were mixed with marital funds, they may be subject to division.

How High-Asset Divorce Affects Property Division

For couples with significant wealth, property division becomes more complex due to the variety of assets involved. Some key considerations include:

• Investment Portfolios, Stocks, and Bonds – Courts assess the value of investment accounts and determine how they should be divided. This can include brokerage accounts, stock options, and mutual funds.
• Real Estate Holdings – If the couple owns multiple properties, courts will evaluate their value, mortgage obligations, and rental income potential before distributing them.
• Business Ownership – If one or both spouses own a business, it must be valued to determine its worth and how it should be divided or retained.
• Tax Consequences – Dividing high-value assets can lead to significant tax liabilities. A proper evaluation of capital gains taxes and other financial impacts is essential.

Protecting Your Assets During Divorce

If you are concerned about securing your financial future, consider these strategies:

• Keeping Separate Property Separate – Ensure that inheritances, gifts, and pre-marriage assets remain in your name and are not mixed with marital assets.
• Preventing Asset Dissipation – If you suspect your spouse is recklessly spending or hiding assets, you may need legal intervention to freeze accounts or request an accounting of financial records.
• Prenuptial & Postnuptial Agreements – These legal agreements clarify how assets will be divided in the event of divorce, protecting individual wealth and preventing disputes.

Financial Insights from Our Experienced Attorneys

Attorney Curt Arnel's training and work experience as a certified public accountant provide insights and an understanding of complex financial matters, particularly those faced by high net worth couples, that are unique among family lawyers.

His skills allow him to:

• Value complex holdings, including real estate and retirement accounts
• Determine the value of family businesses
• Uncover hidden assets and deferred income
• Peruse tax statements and understand financial records that affect child support, alimony, and asset division

We also have established strong relationships with many other financial professionals, including appraisers, real estate agents, pension evaluators, forensic accountants, actuaries, and more.

Frequently Asked Questions (FAQ) About Property Division in New York

What happens if my spouse and I agree on how to divide our assets?

• If both spouses agree on asset division, they can create a settlement agreement outlining how property, debts, and financial accounts will be split. Once approved by the court, this agreement becomes legally binding, avoiding the need for litigation.

Can I keep my retirement accounts in a divorce?

• Retirement accounts, such as 401(k)s, pensions, and IRAs, may be subject to division if contributions were made during the marriage. A Qualified Domestic Relations Order (QDRO) may be required to divide these accounts without tax penalties.

What if my spouse is hiding assets?

• If you suspect your spouse is concealing assets, your attorney can work with forensic accountants to trace hidden accounts, investments, or underreported income. Courts take asset concealment seriously and may penalize the dishonest spouse.

Does fault in the divorce affect property division?

• New York is a no-fault divorce state, meaning the reason for the divorce generally does not impact property division. However, if one spouse engaged in financial misconduct (e.g., excessive spending, gambling, or hiding assets), the court may consider it when distributing marital assets.

Will I be responsible for my spouse’s personal debt?

• Debts accumulated before the marriage typically remain the responsibility of the person who incurred them. However, debts accumulated during the marriage—such as credit card balances, loans, or mortgages—are usually divided between both spouses.

Can I stay in the family home after the divorce?

• The court may grant one spouse the right to stay in the marital home, particularly if children are involved. In some cases, the house may be sold, and the proceeds divided. If one spouse keeps the home, they may need to buy out the other’s share.

How long does property division take in a divorce?

• The timeline varies depending on the complexity of the assets and whether both spouses can agree. If negotiations are smooth, the process can be resolved within a few months. If disputes arise, litigation may extend the timeline significantly.

Get in Touch with Our Brooklyn Asset Division Lawyers

At Arnel Law Firm, we can protect your interests and act as your advocate on all asset division matters. You can count on our Brooklyn property division attorneys to fight for you. We also represent clients in Manhattan and Queens.

Get the Legal Guidance You Need – Ensure a fair division of assets with the help of our experienced attorneys. Contact us now at (718) 550-3024 for a confidential consultation..