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Asset Division in Divorce

Property Division in Divorce

In any divorce, the subject of asset division can be a very difficult and stressful issue to face. The classification of marital assets is not always simple. In order to save time, expense and the stress of divorce litigation, a collaborative approach to the matter is often recommended.

There may be difficulties that arise no matter what the worth of your property and assets are and it may prove to be even more difficult if you are involved in a high net worth divorce. Having a Suffolk County divorce attorney to assist you and your spouse in reaching an agreement out-of-court regarding asset division will save you the time and stress you would otherwise have dealt with in court. It is also less costly than litigating the matter in court.

Divorce and Asset Division in Suffolk County

A good way to educate yourself on the issues you may face in handling a divorce and what rules and laws apply to your particular case is to talk with a lawyer. At our firm, the founding attorney has 37 years of experience and is very knowledgeable in the subject of divorce. In order to ensure that your assets are protected properly, you should have an attorney on your side to offer you advice and knowledge in the subject of asset division and what steps you should take.

The most common assets that are discussed under the subject of asset division are as follows:

  • Saving accounts, checking accounts, and securities
  • Real estate, condos, co-ops, vacant land and time shares
  • Retirement plans
  • A business owned by one spouse or the family
  • Automobiles, boats, or other recreational vehicles
  • Life insurance
  • Money owed to either spouse
  • Valuable collections
  • Furniture and other household items
  • Marital debt such as credit card bills, judgments, liens and other pending lawsuits

Some of these factors that affect property division are as follows:

  • Length of the marriage, age and health of each person
  • Income of the parties
  • The need for the custodial parent to occupy the marital home
  • Tax consequences
  • The value of marital assets
  • How much each person contributed to the marriage (Homemaker and child rearing contributions included)
  • What assets were accumulated and the source of the assets
  • Whether the assets were accumulated before or during the marriage
  • Costs of education contributed to by each partner
  • Any dissipation or intentional waste of marital assets that occurred.

At the office of Steven P. Kuhn, Attorney at Law, we firmly believe in making sure our clients get dedicated legal counsel. We are tireless in protecting your rights and interests. We work very hard to ensure we obtain the best possible outcome on your behalf. Using all of our years of knowledge and experience, we strive to help you with this process and bring it to a successful resolution as quickly and efficiently as possible.

Contact a Suffolk County divorce lawyer today for help with asset division in your divorce.

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