When it’s time to divide marital property in divorce, if those assets are of significant value and not going to be sold immediately, they must be appraised. Often, the appraisal will occur shortly after the divorce is filed. However, litigation is a lengthy process and property values can change … [Read more...] about What Should You Do If You Think Your Property’s Valuation is Incorrect in Divorce?
When parties file for divorce, their financial relationship changes. For instance, each spouse’s individual income and expenses become separated with some exceptions. However, courts don’t want parties to walk away from their financial obligations or squander assets while the divorce is pending. As … [Read more...] about Can You Prevent Your Spouse from Squandering Marital Assets During Divorce?
In divorce, all marital property is split between the parties. Depending on the type of asset, different rules apply to the division. Fine art and collectibles are valued in divorce as passive assets. A passive asset is an asset that increases or decreases in value due to external market conditions, … [Read more...] about How Are Fine Art and Collectibles Valued in Divorce?
Generally, assets acquired before a couple’s wedding date are considered separate property and not subject to division in divorce. Gifts or inheritances explicitly given to one spouse during the marriage are also that party’s separate property. However, separate property can become marital property … [Read more...] about How to Prevent Your Marital Home from Becoming Marital Property in Divorce
In divorce, your marital property is subject to equitable distribution. That means the property you and your spouse acquire during the marriage will be fairly divided between the two of you. Equitable distribution can include your marital home. Typically, your house is either sold with the proceeds … [Read more...] about Two Reasons You Should Not Fight Over Your Marital Property in Divorce
In divorce, marital property is equitably distributed, which means it is divided fairly under the circumstances, and not necessarily equally. Where the property to be distributed includes a business that is owned by only one of the spouses, New York law provides a formula for determining what is a … [Read more...] about How Is a Spouse’s Partnership Interest Valued in Divorce?