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Ending a marriage can be challenging in many ways, even when the divorcing couple has reached a mutual decision to divorce. One of the most contentious issues in many West Chelsea divorce cases is property division. If you are preparing for divorce and have questions about your financial future and how your property will be divided, you should consult an experienced West Chelsea property division lawyer as soon as possible.
The Levoritz Law Firm has a strong reputation for handling complex property division in divorce, and we understand that sophisticated problems require sophisticated solutions. Property division in a New York divorce follows the state’s equitable distribution law, and it is important to understand what this means for your specific case. We can help you approach this aspect of divorce with confidence and peace of mind.
The divorce rate in New York in 2024 was 2.3 per 1,000 residents, according to the Centers for Disease Control and Prevention (CDC). Couples choose to divorce for various reasons, and most divorces filed in the New York County Family Court are filed on a no-fault basis for “irreconcilable differences,” meaning the marriage has irreparably broken down. Regardless of the reason for your divorce, property division is resolved under the equitable distribution rule.
While the equitable distribution rule may seem straightforward at first, the reality is that property division is often complicated and contentious, especially in high-asset divorce cases. The team at Levoritz Law Firm has successfully helped corporate executives, business owners, medical professionals, and other high-net-worth individuals navigate their divorces, and we know how to resolve the property division disputes you might encounter in your case.
Many people mistake the equitable distribution rule to mean that each spouse will receive an equal portion of the marital estate, but this is not necessarily true. In a West Chelsea property division case, each of the spouses must submit a financial disclosure statement that includes complete and accurate financial records before any property can be divided. Each spouse will need to carefully account for all of the separate property they intend to keep after divorce.
“Separate” property can include:
It is crucial for both spouses to be accurate with their financial disclosure statements. Any errors or omissions can lead to delays in resolving property division. If one of the spouses attempts to hide any assets to shield them from division, this can lead to contempt of court or other penalties.
All property that the couple controls that does not qualify as either spouse’s separate property will be subject to division under New York’s equitable distribution rule. This rule seeks the fairest possible division of the marital estate, meaning this may not be an entirely even division. Various factors are taken into consideration, such as each spouse’s respective income, work opportunities, and overall financial status.
Other elements of their divorce could also influence property division. For example, if they are divorcing and have children, the parent who obtains the majority of physical custody may keep the marital home to allow the children to stay in a familiar environment, and the other parent may receive an equivalent amount of other assets in exchange.
The Levoritz Law Firm excels at resolving complex property division cases in New York. If you have questions about this element of your case, reach out to our firm as soon as possible to learn how an experienced West Chelsea property division lawyer can assist you.
The only assets that cannot be touched in a West Chelsea divorce are each spouse’s separate property. Your West Chelsea property division attorney can help you complete your financial disclosure statement and identify all of the property that you would be permitted to keep under New York’s equitable distribution rule.
Your spouse will not necessarily get half of everything in a West Chelsea divorce. Only the contents of your marital estate are subject to equitable distribution, and various factors will determine what qualifies as “equitable,” such as each spouse’s income, the amount of separate property each spouse owns, future job prospects, and financial obligations like child support and spousal support.
If a spouse hides assets in a property division case in West Chelsea, they may be held in contempt of court. Knowingly violating a lawful court order to provide a complete and accurate financial disclosure statement is breaking the law, and they may face various penalties. They could also be forced to pay for the other spouse’s legal expenses and may receive a smaller share of marital property at the court’s discretion.
You should hire a property division lawyer in West Chelsea to have a better chance of reaching a favorable outcome in your case. Your attorney can help you complete your financial disclosure statement, resolve any conflicts regarding certain assets or liability for debts, and ultimately help you reach a fair outcome in this element of your divorce case.
The team at Levoritz Law Firm excels at resolving complex property division cases for clients in West Chelsea and surrounding communities of New York City. If you are preparing for a divorce and have concerns about property division and your financial future, contact us today to schedule your consultation with an experienced West Chelsea property division lawyer.
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