Skilled Guidance In Complex Property Division

One of the first questions a couple has when seeking a divorce is how their property will be divided. In New York, marital property is split equitably, which means a couple's assets are divided fairly, not necessarily equally. While this process may sound relatively straightforward, it can actually be quite complex when couples own substantial property or have been married for many years.

At Rieger & Fried LLP, we are quite familiar with the intricate and complicated methods that going into the division of marital assets in New York, particularly when it comes to complex divorces. Serving throughout Nassau County and Suffolk County, our experienced divorce lawyers can walk you through this often confusing process and help answer any questions you may have.

The First Step: Determining What Is Marital Property

Before a New York court can divide assets during divorce, it must first classify all of the couple's property as either marital or separate. This distinction is important because only marital property is actually divided.

Essentially, marital property is any property obtained by either spouse during the time in which they were married. Alternatively, separate property is anything owned by either spouse prior to marriage, or property acquired through gift or inheritance.

In complex divorces, marital assets are often significant and can include:

Interestingly, even though separate property is generally not divided during divorce, the appreciation of such property may be. For instance, if one spouse owns real estate prior to marriage, and this asset increases in value during the marriage, this appreciation may be subject to division upon divorce.

Is Court Always Necessary?

If a couple wishes to avoid a drawn-out court battle, there are other options, including divorce mediation. This gives a couple an opportunity to resolve their issues with the assistance of their attorneys, and can be particularly helpful if the couple is interested in working amicably toward a solution.

Additionally, some couples attempt to avoid these problems altogether by entering into a prenuptial agreement before they get married. Indeed, a well-drafted prenuptial agreement can outline the details of property division so the couple never has to worry about it.

Experienced Legal Guidance Is A Must

If you have questions about property division, contact Rieger & Fried LLP today to speak to a property division attorney. While our office is located in Garden City, we serve clients throughout Long Island and the surrounding areas, including those living in Brooklyn, Queens, Manhattan and Nassau and Suffolk counties. Reach out to us online or call us at 516-712-2268. We offer initial consultations.