Marital Property Division in New York State Divorce
When it comes to splitting up the marital assets and debts, the goal is an "equitable" or fair division between the divorcing spouses. Not necessarily an even division, but a fair one. To learn how an experienced family law attorney can help you protect your interests while working toward an efficient resolution of marital property issues, contact Callanen, Foley & Hobika in Utica.
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To base your objectives and decisions on a solid footing, we'll take the time to determine just what's included in your marital estate. With some important exceptions like gifts or inheritances, any property acquired by either spouse during the marriage is presumed to be marital property subject to division. Any property that each spouse owned before the marriage is presumed to be that person's separate property that won't be divided.
Same goes for debts. Regardless of who's paying the bills, any debt incurred by either spouse during the marriage is considered to be a joint obligation for divorce purposes, while any premarital debt will remain the individual liability of the given spouse.
These general rules can break down in practice. Premarital separate assets can become marital property depending on how the spouses dealt with them during the marriage. For example, if one spouse bought a house before marriage, but both spouses refinanced and paid down the mortgage afterward, the house will probably be a marital asset and the mortgage will be a marital debt.
Sometimes one spouse pays down the other spouse's premarital debts, and if you can show how and when those payments were made, you should be able to get credit for those payments in the property division.
At Callanen, Foley & Hobika, we can help you work toward a fair distribution of marital assets and debts through agreement, while reserving the right to fight important disputes in court. In most cases, we can negotiate a property division agreement that meets your goals, usually while addressing alimony considerations as well.
Because divorce turns one household into two with a corresponding loss of financial efficiency, few people come out of divorce without taking a hit. Our goal is to get you past your marriage on the best possible financial terms without fighting over every little detail.
To learn how you can benefit from a lawyer's advice about marital property division in New York divorce, contact the Utica office of Callanen, Foley & Hobika.
