Separating Property in a Divorce / Marital Asset Division
Family Law Attorney in Long Island
When preparing for a divorce both spouses must determine how they will be separating out the marital assets they have acquired in the relationship. With the help of a
Long Island divorce lawyer from Jonathan E. Kroll & Associates, PLLC, we will take the time to sit down with you to fully identify all your assets, debts and post-divorce obligations. Some assets will be considered separate property, therefore not subject to marital property division. Prior to meeting with your spouse, our caring legal staff will determine with you what items are most important to you and what you might be willing to give up or accept as an offset. Obtaining prior agreement on these matters ensures there will be no surprises later that will negatively affect the divorce proceeding. Some of the things that our office will cover regarding the property and separation agreement are:
- The marital home and other real estate owned
- Personal property
- Closely held businesses
- Life insurance and health insurance
- Stocks, investments and accounts
- 401(k), pensions, IRAs, deferred compensation
- Allocation of credit card and other debt
- Medical bills not paid by insurance
- Dependency exemptions taken for children (only one parent can claim this exemption on tax returns)
- College expenses (if agreed upon or ordered by a court)
In our experience, retirement funds are often the largest assets and the biggest sources of contention in marital property division. A qualified domestic relations order (QDRO) allows each spouse to take a designated share and hold it in their own name. As you can see, there are many important issues that need careful attention by a qualified attorney to protect your interests. We highly recommend you contact our firm when making the decision to file for a divorce.
Long Island Divorce Lawyer
Because there will obviously be a change in the income available to each spouse following a divorce, it often occurs that a bankruptcy will need to be filed. Our office will be able to review your specific financial situation and make an appropriate recommendation regarding whether this is a needed option for you. We will be able to assist you with that filing as well if we find that it is needed.
If you are seeking a skillful and accomplished attorney, we urge you to contact our office to discuss your divorce and the division of your marital assets. Our office will ensure that your divorce is handled with care and concern and that your best interests are served. To find out how we can assist you, give us a call today.