Divorce often means that a household with two incomes will become two households, each with just one breadwinner. For this and other reasons, property and asset distribution is one of the most important elements in your divorce decree. New York is an equitable division state. Virtually every asset you and your spouse acquire during the marriage is subject to “equitable,” or fair, division. Our experienced attorneys have the knowledge and skills to protect your financial interests that are essential to your well-being, and that of your children, now and for the future. We have decades of experience analyzing important asset valuation issues such as:
We will negotiate fair and creative solutions to the complex financial aspects of your unique circumstances. Your long-term financial stability, and your children's best interests, will be our guiding principles.
Property Division FAQs
Can my spouse clean out our joint bank account and spend it all?
No. Once your divorce proceeding is initiated, the court will stipulate rules related to use of funds in a mutual account. If one spouse uses funds arbitrarily, the court will order the offending spouse to return the money. If litigation is necessary and successful, the court will order the offending spouse to pay legal fees.
I suspect my spouse is hiding assets from me. What should I do?
As experienced divorce litigators, we know how to uncover hidden assets like “secret” bank accounts and investments your spouse may be hiding from you. We understand the importance of asset discovery during settlement negotiations. Hidden assets found after a final divorce decree may necessitate reopening your case before the court. Our extensive experience helps to discover hidden assets and protect your interests during the divorce proceedings.
Are assets my ex or I acquired while we were separated but still married marital property?
Since you and your spouse were still legally married, New York law treats most new property you acquired during your physical separation period as marital property. There are exceptions that our experiences attorneys will be able to identify and thus protect such assets that are properly yours alone.
Can separate property turn into marital property?
The most common way separate property owned by one spouse only can turn into marital property is by “commingling.” For example, if you inherit money that is specifically earmarked for you alone, but you deposit the funds in a joint account you share with your spouse, the money could be considered commingled with marital assets, and therefore marital property itself. Such questions are often complex and require counsel of experienced legal experts such as our staff of dedicated family law attorneys. You may be sure that as your legal representative, the O'Brien Monagan Law Firm P.C. will always stand by you and protect your interests.
For answers to more questions about divorce and marital property division, visit our Family Law FAQ page.