When a marriage ends there are difficult decisions to make including fair
division of property.
When a couple can work together using my mediation process, they can decide
together how to split property, debts, and assets. When mediation is not
possible because of an intense dispute or a complex issue surrounding
the division of property, then we have to go the litigation route and
go to court to have a judge decide the division of property.
One of the very first questions I hear during a consultation is, “Who
will get the house?”
State law actually dictates the division of property. It depends on whether
you reside in a separate property or community property state. New York
is an equitable distribution state.
There are two types of property.
a. Separate Property:
This type of property belongs to one spouse. This type of property can
be property you purchased prior to your marriage or gifts or inheritances
you may have received prior to your marriage;
b. Marital Property:
This type of property is everything you earned or acquired during your
marriage like savings and/or your home.
If you can decide together how to divide your property with the help of
the mediation process, you will save money, time, and aggravation.
So here are my hree tips for dividing your property:
List your Assets. Together you and your spouse can make a list of everything you own jointly
and own separately.
Value the property. Try to agree on the value of anything worth more than a specific agreed
amount. If there is a house, a business, a pension, or anything that's
difficult to value, agree on hiring an appraiser to determine the current value.
Decide who gets what. Now go through your main list, discuss item by item, and decide which
spouse gets what.
When working with me in the mediation process, couples receive guidance
and suggestions on how to make practical decisions when dividing their
property. If couples cannot make these decisions together, then going
to court and having a judge decide is the next logical step.
As a psychologically trained divorce attorney and mediator, I am skilled
at providing legal/common sense direction to help you make important decisions
when it comes to division of property as part of the divorce process.
Let me be your guide. Call me now to find out more… During the
ongoing COVID-19 Pandemic, all our
FREE 1 HOUR CONSULTATIONS are
conveniently conducted virtually to reduce risk and maintain safety.
I look forward to helping you!
Continue to stay healthy and safe!
New York Divorce Lawyer Lois Brenner is available for a FREE consultation.
Call Now! 212.734.1551.