Division of Assets in a Divorce
The division of assets in a divorce is an equitable process. Many people assume that this means that all assets will be divided equally, but this is in fact a complicated and exhaustive process,which seeks to deal fairly with both parties. The legal representatives of both spouses are tasked with obtaining the most favourable division of assets possible for their clients, which is why experienced and skilled lawyers are essential during this process.
When the courts are required to decide upon the division of assets in a divorce these assets must first be identified and determined. It is up to the lawyers on both sides to convince the court which items are personal assets and which are marital assets. This is a very important stage in the division of assets in a divorce, and ineffectual lawyers can cause their clients significant losses at this point.
Once the marital assets have been determined, it is the necessary for the courts to decide how these assets should be divided. If one party has brought certain assets to the marriage their spouse can lay claim to any increase in value that these assets may have accrued throughout the duration of the marriage. The support of the spouse, their advice or even their physical contributions to the growth of these assets must all be proven in order for the equitable division of the assets value to be determined. Again our experienced lawyers will work hard for you at this stage, to ensure that you get the bigger 'half' of any such divisions.
Retirement plans are generally considered during the division of assets in a divorce. If the pension is accepted by the court as marital property then it must be equitably divided. A formula known as Majauska's Formula is typically used by the courts to determine how pensions should be divided between former spouses.
The division of assets in a divorce is never clear cut, and there are few set rules. Our talented New York lawyers can be retained for a very low price and can guide you through this complicated process and help you get a lucrative and beneficial result.