When a marriage ends there are difficult decisions to make including fair division of property.
When a couple can work together using my mediation process, they can decide together how to split property, debts, and 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 and go to court to have a judge decide the division of property.
One of the very first questions I hear during a consultation is, “Who will get the house?”
State law actually dictates the division of property. It depends on whether you reside in a separate property or community property state. New York is an equitable distribution state.
There are two 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 to your marriage;
b. Marital Property:
This type of property is everything you earned or acquired during your marriage like savings and/or your home.
If you can decide together how to divide your property with the help of the mediation process, you will save money, time, and aggravation.
So here are my hree 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.
- 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 the 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.
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… During the ongoing COVID-19 Pandemic, all our FREE 1 HOUR CONSULTATIONS are conveniently conducted virtually to reduce risk and maintain safety.I look forward to helping you!
Continue to stay healthy and safe!
Warm regards,
Lois
New York Divorce Lawyer Lois Brenner is available for a FREE consultation. Call Now! 212.734.1551.