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Suffolk County Property Division Lawyers

Protecting Assets for Clients in Islip & Long Island

During divorce proceedings, dividing up the couple’s assets can become highly contentious, with each spouse insisting that they deserve a greater share than the other is willing to give them. These quarrels frequently end up in the courts where a judge listens to arguments from each spouse and then orders the assets to be divided in a certain way—not necessarily in a manner acceptable to either side. If you are facing divorce and need help with dividing assets fairly, contact the Suffolk County divorce lawyers at the Law Office of Robert H. Montefusco for a free consultation.

Dial (631) 801-0007 now or contact our firm online to get started with your case.

Whether it is done by mutual agreement or by court order, the division of assets can be a very complicated procedure. This is especially true when there are many types of assets under consideration. If you have initiated the divorce process, or are about to, it is vitally important to understand the legal issues relating to dividing marital assets. When you need a Nassau County and Suffolk County divorce lawyer who has experience with all aspects of these issues, please contact the Law Office of Robert H. Montefusco.

Division of Assets: An Overview

Under New York State law, divorcing spouses have the right to reach their own settlement about how their assets should be divided. The result of this process is a binding written agreement. When such an agreement is not possible due to a conflict between the spouses, the matter is turned over to the court.

Each spouse will be required to provide the court with a Statement of Net Worth, signed before a notary public, listing all their financial data including income, debts, and property. At the conclusion of a trial, unless the parties settle beforehand, the court will go about determining which assets are to be classified as marital property and which as separate property.

Marital & Separate Property

Marital property is that which was obtained during the course of the marriage. As such, it is subject to court-ordered division between the spouses. Separate property, on the other hand, is considered the personal asset of a particular spouse and is not subject to division. This is obviously an important distinction when it comes to determining the division of assets, yet the differences between the two types of property aren’t always obvious.

Marital property: Any businesses, personal property, securities, savings accounts, debts, and pension plans are generally placed in this category if they originated or were obtained during the period of the marriage. This property can be divided up by the courts. In some cases, this will mean liquidating the property and distributing an equitable portion of the money to each spouse.

It is important to realize that assets can be ruled marital property even if they were purchased by one spouse. For example, it doesn’t matter that a property title is in only one spouse’s name—if it was bought during the marriage, with marital funds, it is marital property.

It is important to realize that assets can be ruled marital property even if they were purchased by one spouse. For example, it doesn’t matter that a property title is in only one spouse’s name—if it was bought during the marriage, it is subject to division.

Separate property: Any property you owned prior to the marriage will usually be ruled to be separate property, hence not subject to division. Inheritances, personal injury compensation, and gifts from third parties are also usually classified as separate property.

To ensure that the courts do not misclassify your assets, you should contact a division of assets attorney with a background in divorce and separation law litigation.

What Is Equitable Distribution?

New York courts follow the principle of “equitable distribution” when allocating marital assets. This does not necessarily mean that contested property is split 50/50. There are a large number of factors that the courts can take into consideration when distributing marital property.

These include the following:

  • The duration of the marriage
  • The current age of each spouse
  • The health condition of each spouse
  • The future earning potential of each spouse
  • Spousal maintenance
  • Wasteful spending or attempts to depreciate assets in anticipation of the divorce settlement
  • Post-divorce taxation issues
  • Loss of benefits as a result of the divorce (e.g., health insurance)

Some types of property, such as homes and businesses, must be carefully appraised in order to arrive at a fair evaluation of their worth. After considering all relevant factors, the court will order the distribution of assets in a manner it deems fair and reasonable.

Contact a Divorce Attorney in Suffolk County & Nassau County

At the conclusion of a trial, unless the parties settle beforehand, the court will go about determining which assets are to be classified as marital property and which as separate property. When you need a lawyer for your division of assets case, contact the Law Office of Robert H. Montefusco.

Dial (631) 801-0007 now to begin planning your legal strategy. We serve clients in Islip and Long Island.

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    “Robert was a realist-he was able to truthfully show the court that I was a very able, willing and capable of parenting my child more than the usual court arrangements.”

    Edward

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    “I was recommended to The Montefusco law firm by a friend who is a lawyer. He told me "You don't need a guppy, you need a Barracuda"! From the first free consultation (many years ago) to the present day, the entire staff was courteous, punctual, professional, and tolerant. I say that because I can be a tough customer to deal with, and I was never treated that way. I was always given the respect, time, and the opportunity to be heard. Hope and Monica were great on the phones, and taking down my concerns, and relaying them to Robert, Meaghan, or Maureen. I had a particularly rough time with my EX, and I was fighting for the rights of my son, and him now living with me. Robert had my back through the whole process. I am 100% satisfied with the outcome, and the entire team should take a bow! Robert always knew just what to say, and how to calm me down in moments of disbelief in the ongoing battles, and I feel I can include him in my 'inner circle' of friends. Meaghan did a great job of re-writing all of my oppositions, and even took my calls when she was at her home. And last but not least is Maureen. Maureen is a paragon. She could answer every question I had, and always gave me the respect I deserved. She and I got to know each other pretty well on the phones, and through emails. Often times I called to talk to Robert, and Maureen picked up, and helped me through my concerns. Thank you Robert, Meaghan, Maureen, Hope, and Monica! You made a really bumpy road seem navigable, and throughout the process, there was always a shining light at the end of the tunnel!”

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    Bob

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  • Robert is not a stranger to arguing a motion. An added benefit that helped with my selection of Robert was his prior background as a Suffolk County Assistant District Attorney.

    “Although I am not an attorney, I deal with a lot of contact, intellectual capital and real-estate attorneys regularly and I’m a pretty good judge of character. Robert’s representation of me was outstanding!”

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  • THE LAW OFFICE OF ROBERT MONTEFUSCO IS ONE IN A MILLION

    “Robert and his staff have always went above and beyond for me throughout every step of my brutal divorce and custody process. My case is currently still open and we are in 3 court rooms. Robert is exceptionally educated, experienced, and understanding when it comes to matrimonial law. The past 2 years of my life have been the most darkest and at times unbearable because of the mistake I made in choosing the wrong partner. At times, I would call their office literally 3-4 times A DAY panicking, stressing, obsessing, and mostly crying. I never felt I was annoying them or a nuisance; they were ALWAYS there for me. Robert is not only my attorney, many times he acts as my therapist and calms me down and subsides my fears. Maureen was there beside me to sign the papers to file for the hardest decisions of my life and she always helped in making the process as smooth and seamless as possible. Hope is an amazing asset as well. She is always there to answer any questions I have and always was an extra pair of ears for me to vent to. In choosing this law firm you not only get an amazingly experienced attorney, you get a FIGHTER. Robert defends and protects me aggressively and passionately every single court appearance. For the first time in my life I have absolutely NO FEAR walking into the courtrooms ever anymore because HE is by my side. I am confident that I not only have an amazing group of people working on my case every day, but I have found friends for the rest of my life. The words Thank You will never be enough for what each of them have done for me during this difficult time in my life. You guys ROCK!”

    Jessica P

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