Protecting Your Marital Property Rights
If you are preparing for divorce and have questions about your marital property rights, our experienced lawyers can provide answers. We will explain your rights, develop practical strategies and aggressively pursue your goals. We will work toward outcomes that leave you in a financially stable position to move forward with your life.
We are the law firm of The Pappalardo Law Group PLLC. Based in White Plains, New York, we have nearly 100 years of collective experience representing clients through the divorce process and protecting their interests.
Marital Property Characterization
In New York, only property that is included in the marital estate will be divided between the two spouses. In many simple cases, property division can be accomplished easily by determining whether an asset or debt was acquired during the marriage or before.
Many cases are much more complex. We understand the exceptions and complications involved with classifying assets and debts. Some cases involve uncertainty regarding whether an asset should be treated as marital or separate property. We provide a thorough analysis of each asset and then develop a method for distribution that is fair, equitable, and the least intrusive to each spouse.
Our experience includes characterizing and classifying your property, including:
- Real estate owned by one spouse prior to marriage
- Gifts, inheritances or interests in a trust
- Personal injury awards
- Property that was commingled prior to the marriage
- Retirement plan benefits – 401(k), pensions, etc.
- Premarital debts and debts accumulated during marriage
- Property subject to a prenuptial agreement
- Property owned by one spouse that increased in value during the marriage
Our skilled matrimonial team dedicates its full focus and attention to each client’s case. We use other financial experts such as accountants, appraisers and others when necessary. Together, our team provides the resources necessary to identify value and classify assets.
Marital Waste Or Dissipation Of Assets
When couples begin to drift apart and a divorce seems imminent, many spouses will engage in behavior designed to harm their partner. One example of this type of behavior is marital waste. Marital waste, or the dissipation of assets, is the action of purposely overspending or mishandling funds to negatively impact the other spouse’s share of assets.
Spouses who engage in this type of behavior typically attempt to conceal their actions in order to avoid accountability. Divorcing spouses who are concerned that their partner may be overspending should be aware of the most common ways people waste marital assets, which include:
- Purchasing extravagant items
- Gambling
- Spending on an extramarital affair
- Hiding assets
- Gifting marital property
- Destroying assets
Understanding the common forms of dissipating marital assets can help spouses protect their financial security following their divorce and ensure they obtain an equitable settlement.
What Are The Consequences Of Wasting Marital Assets?
When a spouse has been found guilty of dissipating marital assets, either through the uncovering of financial records, the formal discovery process or the evidence that an affair took place, the presiding judge will take action to ensure they are held responsible for their inappropriate conduct. The most common way a judge will seek retribution is to alter how a couple’s assets will be divided. Generally, the judge will provide the spouse who did not waste assets with a more substantial portion of the couple’s property to limit the impact of the other spouse’s actions. Additionally, judges may order the guilty spouse to provide a financial payment to their former partner that covers the amount of money they wasted. Attorney fees may also be awarded to the innocent spouse to ensure they are not financially liable for taking legal action to recoup their losses.
What Does Equitable Distribution Mean?
Going through a divorce means that you and your spouse must divide shared property. New York is an equitable distribution state, meaning the court divides all property acquired during the marriage to each party, according to certain guidelines:
- Income, property, age and health at the time or marriage
- Income, property, age and health at the time of divorce
- Need of the custodial parent to own the property in question
- Tax consequences
- Desire of party to keep property
Contact Our Westchester County Property Division Attorneys
We seek to protect your interests and put you in the best place for long-term success. Call our office at 914-362-2979 or contact us online for effective legal representation.
We speak English, French, Mandarin and Hebrew.
