Queens Law Firm Explains Community Property Laws
Divorce attorneys sort out the division of your property
Clients often ask our attorneys whether community property laws will affect them during their divorce. The clients have heard the buzzwords “community property,” and they reasonably assume that the concept applies to their case.
However, only nine U.S. states follow community property principles, and New York is not among them. The attorneys at Sager Gellerman Eisner Attorneys at Law explain how your property will be divided in a New York divorce.
Community property vs. equitable distribution
In a community property state, property acquired during the marriage is considered to be jointly owned by the spouses and is divided equally upon divorce. New York, however, is an equitable distribution state. Equitable distribution seeks to divide marital property in a manner that is fair, but is not necessarily equal. Prenuptial and postnuptial agreements may also affect property division.
Property division in an equitable distribution state
In New York State, the equitable distribution of property as part of divorce involves a number of factors, including:
- Duration of the marriage
- Age and health of the spouses
- Whether one spouse can demonstrate a need to stay in the marital home — for instance, if the custodial parent needs to keep the home to raise the children
- Whether it is feasible to split the property down the middle
- Whether the assets are liquid
- Income of the spouses at the time of the divorce
- Other court-ordered financial obligations, such as alimony
- Likely financial future of each party
- Whether one of the spouses wasted the couple’s assets
- Whether a spouse fraudulently transferred property in anticipation of divorce
An equitable distribution in New York State is much more complex than a simple 50/50 split. Our experienced divorce attorneys help you understand how equitable distribution may affect your property, and we work hard to convince the court to make a distribution that is fair to you.
Ask our New York divorce lawyers to evaluate your property division case
The division of property can be a complicated, contentious affair. The attorneys at Sager Gellerman Eisner Attorneys at Law help you get your fair share during a divorce. We are particularly sensitive to the issues surrounding property distributions involving professionals and high-net-worth individuals. You can reach us through our online contact form or call us at 347.625.1038 for a consultation. From our offices in Queens and Forest Hills, we serve clients in Nassau and Queens Counties and the New York City boroughs of Manhattan, Queens and Brooklyn.