New York Property Division Lawyers
Navigating New York’s Distribution of Property Rules
Did you know that if you get divorced in New York State, you might have to give a portion of your future earnings to your spouse? New York is the only state that values careers as marital property.
At the law firm of Maxwell & Van Ryn, LLP in the Albany suburb of Delmar, our lawyers will advise you of all the wrinkles of New York’s marital distribution laws and help you get the best deal possible.
Division and Distribution of Marital Property
The first step in dividing marital property is to determine what is marital property. In general, all assets accumulated during the marriage are considered marital property, including pension plans, 401(k) accounts, businesses and real estate. If you went to college or professional school during the marriage, New York courts will value that “enhanced earning capacity” and award your spouse a share of it.
Equitable distribution of marital property also means the distribution of marital liabilities, including loans and credit card debt. To be obligated to pay half of the current balance of a credit card, all you need to have done is to have used the card one time.
Tax implications: Any distribution of property must include an analysis of the tax consequences. An apparent equal division of property can become unequal when you consider the tax basis of those properties. Attorney Paul Van Ryn, LLP has been admitted to the United States Tax Court for more than 30 years and can advise you on the tax implications of your marital property division. Mr. Van Ryn, LLP is also experienced in business valuation.
Don’t Move out of Your Home without Knowing what You are Giving Up
Though it may be difficult to live in your home, you will face serious consequences in New York state if you move out.
Once you move out, you will, by implicit agreement, give up primary physical custody of your children. Until you obtain your divorce or sign a separation agreement, you will give up your right to live in the house. The court may also order you to make spousal support payments to help keep your spouse in the home. Finally, you will give your spouse grounds for divorce after the passage of one year.
Contact us for an initial attorney consultation about marital property division with no obligation. Our law office is located in the Albany suburb of Delmar in upstate New York. We offer free parking.