Proven New York Marital Property Division Lawyers

Serving the Five Boroughs and Nassau, Suffolk and Westchester Counties

At the Law Offices of Schissel DeCorpo, we offer decades of combined legal experience to women and men across New York City and Long Island who are involved in a marital property dispute. We have a comprehensive understanding of the equitable distribution principles that govern the division of marital debts and assets in the state of New York. Because of our experience and knowledge, we can handle even the most complex and high net worth marital estates, including property disputes involving multiple homes, substantial investment portfolios and extensive business assets. We are meticulous in our approach, taking the time to carefully review and document all marital debts and assets. We understand the anxiety that comes from uncertainty and we’ll work hard to keep you fully informed at all times, apprising you of your options, so that you can make the right decisions to protect yourself and your family.

We offer a free initial consultation to discuss all matters related to the division of marital debts and assets. To set up a meeting, contact us online at info@sdnylaw.com or call our offices, at 718-350-2802 in Queens, at 516-561-6645 in Nassau County, in Suffolk County at 631-319-8262 or in Westchester County at 914-997-0071.

Let Schlissel DeCorpo Help with the Equitable Distribution of Your Marital Estate

In New York, as in most states, the property and obligations accumulated during a marriage are divided according to a legal principle referred to as “equitable distribution.” It’s important to understand that the word “equitable” means “fair,” but it doesn’t necessarily mean “equal.” Accordingly, we’ll carefully evaluate the evidence in your case and aggressively pursue a marital property settlement that is fair, given the circumstances.

In New York, equitable distribution is generally a three-step process:

• All property must be identified as either marital property or separate property—marital property is typically that which is obtained or purchased during the course of the marriage. Separate property is customarily owned by only one of the parties at the time of the marriage. Marital property is divided according to equitable distribution principles, but separate property is generally returned to the party who owned it before the marriage.
• All marital property must be evaluated—The fair market value of all assets must be calculated before any division can take place.
• The marital property must be allocated to the parties in a manner that is fair or equitable—Under New York law, a wide range of factors can be considered to determine what is fair, including:
  • The length of the marriage
  • The health of the parties at the time of divorce
  • The potential earning capacity of both parties
  • The actual earnings of the parties while assets were being accumulated, as in indication of who paid for the property
  • The extent to which either party gave up employment or a career to stay at home with children or to maintain the home
  • Whether one of the parents needs the marital home to provide a residence for minor children
  • Whether either party has willfully engaged in dissipation or waste of marital assets

What Types of Marital Property Are Typically the Subject of a Property Settlement Dispute?

In our experience, there are three types of assets that commonly lead to marital property controversies:

• The marital home—It’s usually the largest single asset of a marriage, but it’s also one that cannot be divided among the parties. Furthermore, it’s often the case that the spouse who obtains custody of minor children (and needs the marital home) was a homemaker who now has little or no earning capacity and can’t afford to pay for the house. While the courts typically prefer to give the custodial parent exclusive occupancy of the marital home, that may not be practical. Often, the parties will have to sell the marital home and divide the proceeds.
• Retirement plan assets—Often, retirement assets can equal or exceed the equity in a home, becoming the largest marital asset. There’s no hard and fast rule with respect to the division of retirement plan assets. In some situations, where there is sufficient income to provide for the non-pension or 401k holder, the court may leave the pension or 401k alone, allowing it to remain the property of the earning spouse. In other situations, the parties may ask the court to enter a Qualified Domestic Relations Order, or QDRO, that mandates that the pension administrator make payments to both spouses or divides 401k plans.
• Business assets—Where one of the spouses owned and operated a business, the court will typically have that business appraised. When possible, the court will allow the party who ran the business to keep it but may offset the division of other assets to bring about an equitable distribution of all marital property. Otherwise, the business may have to be sold, with the proceeds divided fairly between the parties.

Contact Schlissel DeCorpo for Experienced Marital Property Division Counsel

At the Law Offices of Schissel DeCorpo, we have aggressively and effectively fought for the rights of individuals throughout the New York City for more than four decades, including men and women involved in marital property disputes. For a free initial consultation with one of our knowledgeable New York family law attorneys, contact us by email at info@sdnylaw.com or call our offices in Queens, Manhattan, Brooklyn or the Bronx at 718-350-2802718-350-2802, in Nassau County at 516-561-6645, in Suffolk County at 631-319-8262 or in Westchester County at 914-997-0071. Our phones are monitored 24 hours a day, seven days a week.

We aggressively represent parents and families throughout the greater New York City area, across all five boroughs and Long Island, including Nassau, Suffolk, Kings, Westchester and Richmond Counties.