When a marriage ends, there are many difficult decisions to make, including fair division of property.
When a couple can work together using my unique mediation process, they can decide in a peaceful environment how to split property, manage debts and divide 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 going to court to have a judge decide how to divide the property.
As a divorce attorney and psychologically-trained mediator for over 35 years, one of the very first questions I hear during a free consultation is, “Who will get the house?”
State law actually dictates the division of property. It depends on whether you reside in an equitable distribution or community property state. New York is an equitable distribution state.
There are 2 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 or during your marriage;
b. Marital Property:
This type of property is everything you earned or acquired during your marriage, like savings, your home and even your pension.
If you can decide together how to divide your property with the help of my mediation process you will save money, time and aggravation.
So here are my 3 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 and value at the time of your marriage.
- 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 my comprehensive 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.
But when possible, I always encourage couples to let the magic of mediation prevail. Keeping the power of decision-making in your own hands is much better than leaving it to strangers, like lawyers and judges!
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…
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Stay healthy and safe!
Warm regards,
Lois
New York Divorce Lawyer Lois Brenner is a division of property specialist!
Call now to schedule your FREE consultation.
212.734.1551.