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The West Village is one of the most affluent communities of New York City, so when a couple in the area chooses to divorce, property division is likely to be one of the more contentious aspects of their divorce proceedings. An experienced West Village property division lawyer will be a crucial asset if you are bracing for divorce and want to protect your wealth as much as state law will allow.
The Levoritz Law Firm has years of experience handling some of the most complex divorce cases in West Village, and we are confident we can provide unmatched representation as you seek to resolve property division and the other aspects of your upcoming divorce. This is a complex issue, and it’s important to know what to expect. We know that sophisticated problems require sophisticated solutions, and we are prepared to help you through your proceedings.
The divorce rate in New York as of 2023 was 2.4 per 1,000 residents, and most divorce petitions in New York are filed on a no-fault basis. Once a petition is filed, both spouses must submit financial disclosure statements that include complete and accurate financial records for all of their assets and debts. These statements are then used to resolve property division under the state’s equitable distribution law.
The team at the Levoritz Law Firm has a strong reputation for successfully resolving high-asset divorce cases and divorces that involve complex investment portfolios, business assets, and disputes over separate and marital property. You can trust our firm to help you identify the greatest areas of concern for your case and provide unwavering support as we attempt to help you resolve your divorce as efficiently as possible.
Under New York’s equitable distribution law for property division in divorce, each spouse has the right to keep certain separate property, while all marital property will be subject to equitable distribution. Separate property typically includes things one spouse owned prior to marriage, gifts that were given to them, and inheritance from parents and other blood relatives.
Marital property that is subject to equitable distribution includes anything earned or acquired by either spouse during the marriage. Income earned during marriage, contributions to retirement accounts, investment accounts, business interests, and many other assets can qualify as parts of the marital estate. Additionally, debts are treated the same as assets, with some qualifying as separate liabilities while others qualify as shared marital debts.
The financial disclosure process is crucial to resolving property division in West Village. It is vital for both spouses to submit complete and accurate financial records, and both spouses have certain financial responsibilities they must uphold during their divorce proceedings. For example, it would be unacceptable for one spouse to drain a shared savings account and transfer funds to their own separate account after a divorce petition has been filed.
When it comes to “equitably” distributing marital property, this can be a contentious process. The New York County Family Court will want to review each spouse’s income, job prospects, and future earning capacity to determine how the marital estate should be divided. Additionally, some assets like retirement accounts are difficult to divide, so it’s vital to have legal counsel you can trust to guide you through this process correctly and as efficiently as possible.
The Levoritz Law Firm has years of experience helping divorcing clients with difficult financial matters, and we can apply this experience as we help you resolve property division in your divorce. As soon as you have confirmed that you and your spouse are divorcing, reach out to our firm at your first opportunity to learn how a West Village property division lawyer can assist you.
Not necessarily. Your spouse will get an equitable share of your marital estate in West Village. You will be able to keep your separate property, and then the contents of your marital estate must be divided fairly under state law. This can be difficult to negotiate, but a skilled West Village property division lawyer can help you secure the fairest possible outcome.
Separate property can only be divided in a New York divorce under certain conditions. If separate property was commingled with marital property, then it may qualify as subject to equitable distribution in divorce. Additionally, if your spouse’s active efforts appreciated the value of your separate property, then the increased value of the property during the marriage may also cause this property to qualify as part of the marital estate.
If a spouse attempts to hide assets in divorce in West Village, they may face criminal charges for contempt of court. It is not unusual, when such behavior is discovered, for a New York County Family Court judge to force that spouse to pay the other’s legal expenses, and the spouse who attempted to hide assets may also receive a much smaller share of the marital estate. It is crucial to be truthful and transparent with your financial disclosure statement.
You need to hire a property division lawyer because this is likely to be one of the most challenging aspects of your divorce case. You have worked hard to build your wealth, and you have every right to want to protect as much of it as possible, but you must do so legally with the help of an experienced attorney. Your West Village property division attorney can help you make informed decisions and approach this part of your case with confidence.
The team at the Levoritz Law Firm has an extensive record of successfully handling some of the most challenging family law cases, including many involving complex and contentious property division. We can help you understand New York’s property division laws as they apply to your case, and you can also trust us to handle the other aspects of your divorce. Contact us today to schedule your consultation with an experienced West Village property division lawyer.
This page has been written, edited, and reviewed by a team of legal writers following our comprehensive editorial guidelines. This page was approved by Founding Partner, Yonatan Levoritz who has more than 20 years of legal experience as a divorce & family attorney.
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