Figuring out how to divide assets and debts in a divorce case can be stressful and overwhelming. It is important to have an experienced Divorce attorney smithtown NY who can explain the process and protect your rights. The law defines what is considered marital property and what is considered a party’s separate property, but sometimes the lines can become blurry, especially in the case of a long term marriage.
A good example is when a party, or both parties contribute separate money toward the purchase of what becomes a marital asset, such as the Marital Residence. An experienced Divorce Attorney is needed to assist in working out who gets what in the event of a dissolution of a marriage.
In Long Island, it is not unusual for parties to have more debt than assets. Again, this debt must be 1categorized and then allocated upon divorce. Your New York Divorce Attorney can assist you by directing you to resources, and insuring that you do not leave the marriage with more debt than you should.
Retirement accounts require special consideration with respect to tax ramifications, timing of distribution and proper drafting of court orders to divide and allocate upon divorce. Our office will explain these matters and make sure you are directed to the proper resources to guide you through the division of your Retirement Accounts upon Divorce.