Addressing Property Division With Your Rights And Priorities In Clear Focus
Laws concerning the division of assets in divorce differ from one state to another. For example, California is a community property state, but New York is an equitable distribution state. These concepts refer to assumptions in state laws about bout how real property, personal property and other assets will be divided upon the completion of a divorce.
Much is at stake during property division negotiations, mediation sessions or litigation. It is important to work with a respected, experienced family law attorney. Legal counsel that you can rely on can provide peace of mind and the objectivity that you need at this difficult time.
At YK Law, our matrimonial and divorce law attorneys customize their approach to individual clients’ needs and circumstances. With offices in New York, California and Texas, our legal team adapts divorce counsel to each client’s geographical, financial and family structures. If we handle your divorce in any of these states or elsewhere, we will make sure you understand how to make property division decisions in your best interests.
Property Division That Aims For Equitable Distribution
Because New York is an equitable distribution state, the goal is to divide property equally in a broad sense between partners during divorce but this does not necessarily mean assets will be split 50-50. Equitable distribution includes consideration of factors such as:
- The assets you brought into the marriage
- How long you have been married
- The probable financial future for each spouse
- The liquidity of assets
- Whether assets include a business, professional practice, corporation or other intellectual property or licensing agreements
- Whether either spouse will remain in the marital home, caring for the couple’s children there most of the time
Our matrimonial and divorce lawyers have a singular focus on helping you keep what you deserve of assets you brought to the marriage, as well as an equitable split of assets that you and your spouse acquired during the marriage.
Asset Division In Community Property States
Unlike New York, California and Texas have laws that stipulate that assets and debts acquired during a marriage belong equally to both spouses. The outcome of a divorce in California and one in Texas will not necessarily be identical, as there are some differences in the definition of community property rights in the two states. However, on general principle, family law courts in both California and Texas tend to expect to see an equal division of assets as part of a couple’s property settlement agreement. If a couple cannot agree, a family law judge will decree how assets will be divided.
At YK Law, we recommend that our clients go through negotiations, mediation or collaborative law sessions in a good faith effort to arrive at a reasonable, fair property division. Outcomes may differ when a couple created a prenuptial agreement or when assets and contributions to married life varied greatly. You can count on honest counsel that prioritizes your property rights and priorities when you are a client of YK Law.
How We Can Help You Through High-Stakes, Complex Property Division
With multiple offices in three states (including in San Francisco, Los Angeles, Dallas and New York City) as well as in other countries and a robust business law practice, we often counsel individuals who are approaching high-asset divorces. Some have cryptocurrency assets, offshore accounts, executive compensation and investment real estate properties. Due to the international nature of our law firm, we have helped many clients whose marital assets included property in more than one country.
No matter what type of asset portfolio you and your spouse share, our family law attorneys will work closely with you to determine the most effective ways to protect your property rights in your divorce, as well as your business, if applicable.