Brooklyn Equitable Distribution Divorce
A Brooklyn equitable distribution divorce attorney may be able to assist you, if you are concerned with what will happen to your property or whether or not you may be assigned a disproportionate amount of the debts in a marriage. It is important to understand the equitable distribution law on the books in New York. An equitable distribution attorney in Brooklyn will be there to help you as you have questions arise about your case.
Both assets and debts assigned as marital property can be divided up in court or in a settlement agreement. You may need to address concerns over some property sooner rather than later with temporary support orders. When it comes to debts, you need to have an attorney who verifies that these orders are written properly to give you the best opportunity to avoid mishaps. Since either party can be held individually liable by the creditor, make sure the paperwork properly clarifies who is responsible for what.
One of the most significant terms used in the dissolution of a marriage is marital property. This is because this issue is often litigated most frequently. Parties often don’t come to terms about what property could be construed as marital property and the value of that property. This is one of the most contentious aspects of many divorces and one that prompts most people to hire an experienced attorney. Marital property is different from separate or individual property. Only marital property will be distributed equitably at the end of the marriage.
Marital property doesn’t include separate property since separate property is not distributed and remains as the property who held that title. Anything that is accumulated over the course of the marriage may be classified as marital property. This may even include an ERISA Qualified Employee Benefit Plan that is to be distributed through a Qualified Domestic Relations Order.
The amount of separate property may not be distributed equitably by the court, but it is a factor that the court may take into consideration when distributing marital property. It is also important for the parties to prove the value of any separate property that was involved. Equitable distribution of property will have a significant impact on your financial life after a divorce and should always be handled only by a lawyer who is highly knowledgeable in this area.
You cannot afford to have mistakes made in the determination of equitable distribution of property, instead you need to make sure that your attorney understands the many ways that this can influence your life and takes it just as seriously as he or she works towards the resolution for you. The equitable distribution of property can also have other implications for your life if you are not careful. For example, you may not consider the tax associated issues linked to your individual concerns, however, there are many different things to consider as you move forward with a claim like this.
Knowing that you have an attorney who is highly knowledgeable about this area of the law can make or break the difference between having a successful life, financially, after the divorce is over. Most people wait too long to get support from an experienced divorce attorney and may find themselves in a difficult situation if the other party already filed for divorce and has the upper hand. This is why it is essential that you share your concerns directly with a lawyer as soon as possible after you initiate a petition for divorce or after the other party has asked you to respond to their request for divorce.