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How Are Marital Assets And Property Divided?

At Goldberg Sager & Associate s in Brooklyn, New York, our divorce attorneys assist clients with the division of marital property at the time of divorce. We have more than 25 years of experience handling these sensitive legal matters for clients across the New York City area. We also serve out-of-state clients.

Our firm has a reputation for professional representation and responsive service. As our client, you can expect to be treated with respect and consideration. Our decades of legal experience have taught us that family and divorce law matters require a unique approach — a combination of sensitivity and knowledgeable guidance. Whether you need assistance with a contested or uncontested divorce, our attorneys can help you reach your goals.

Division Of Marital Assets

While not generally split 50/50, all assets acquired during the marriage are subject to equitable distribution during the divorce. The division of marital property or the splitting of joint assets typically applies to the marital home, real estate, pensions and bank accounts.

Marital Debt Must Also Be Divided

Our attorneys can help you uncover marital debt. It is important to make sure that all potential sources of debt are discovered before your settlement is made final, as a court is unlikely to permit a later modification to the division of marital property.

For instance, if your name appears on your spouse's credit card, you are still responsible for any debt incurred on it. Additionally, if your spouse fails to make payments due on the card after the divorce and the debt is not accounted for in the divorce settlement, you have no recourse but to pay.

Factors Used In Property Division

The division of marital property is subject to a number of factors. Our attorneys will explain these factors and how they apply specifically to your situation. The court considers:

  • Length of the marriage
  • The health of the divorcing spouses
  • The age of the spouses
  • Education of spouses
  • Monetary contribution to the marriage (as the provider or homemaker)
  • The loss of inheritance, pension, disability and retirement rights a spouse will have
  • Any award of alimony
  • All liquid or nonliquid marital property
  • The wasteful dissipation of assets
  • The loss of health insurance a spouse will have upon divorce
  • The need of a spouse to occupy the marital residence if they have custody of the child of a marriage

Our attorneys can counsel you on the best ways to inventory your assets and let you know what to expect from the process.

Divorce attorney Karen Goldberg Sager is a well-respected practitioner in the field of family and marital law, with extensive experience in marital asset and marital debt division. She leads our firm in advising clients throughout the divorce process.

Qualified Domestic Relations Orders (QDROs) And The True Value Of Your Assets

We also handle issues related to qualified domestic relations orders (QDROs) that deal with retirement plan assets and provide for the distribution of pensions. Our firm can help you understand if you need a QDRO.

We can help you secure the appraisal of assets for true value. In the case of the marital home, the appraisal considers the value of the home, the amount owed and the equity.

Contact Us For Experienced Guidance Regarding Property Division

Goldberg Sager & Associates understand that dividing property and marital asset division can be stressful. Our lawyers are here to assist you at every turn of your divorce proceeding. Contact us to schedule an appointment.