Long Island Property Distribution Attorney

Divorce Lawyer Serving Long Island and Manhattan

Division of marital property in a divorce or separation agreement can be a divisive and complex legal matter. If you need legal assistance with handling this issue in Long Island or Manhattan, we recommend that you consult with a Long Island property distribution lawyer at our firm. At the Law Offices of Thomas K. Campagna, we focus on the field of New York divorce and family law. Our attorney has more than 24 years of experience to apply to your property distribution issues. We have handled property division cases for high net-worth individuals in the fields of business, finance, the professions, government, and entertainment involving complex and sophisticated financial histories, valuation, and tax issues. Whether your property division situation is simple, complicated, or something in between, our Long Island property distribution attorney can provide the legal guidance and solutions needed for an effective resolution.

Property Distribution in Divorce

The general rule for property distribution in a New York divorce is that of equitable distribution. This means that marital property and debts are divided between the spouses in an equitable, but not necessarily equal manner. The division is decided by the courts in a way that is a fair representation of what each spouse has contributed to the marriage. No requirement for a 50-50 division exists although in cases of a marriage of long duration, considered to be 20 or more years, the court will generally try to make as equal a distribution as possible.

Marital property consists of all property acquired from the date of the marriage, including the marital home, other real estate, retirement plans, pensions, vehicles, boats, art collections, jewelry, family-owned businesses, and more. In cases where a spouse is guilty of misconduct pertaining to the financial situation, such as trying to hide assets or dissipating assets on drugs, gambling, a sexual partner, or some other activity, the court will make compensations to the wronged spouse. Separate property remains in the possession of the spouse who acquired it. Separate property consists of property acquired prior to the marriage, gifts and inheritances held in a separate name, proceeds from such property, and personal injury awards.