Bronx Divorce Lawyer
Going through a divorce can be difficult on a personal level. That difficulty can be elevated by potential legal complexities in how the division of property will be resolved in the final settlement. Moreover, that resolution will go a long way towards determining the quality of life for a spouse in the years to come. That’s why it’s important to have an experienced Bronx divorce lawyer handling the negotiation and—if necessary—litigation, in a settlement.
Attorney Jayson Lutzky has handled challenging divorce settlements that number in the thousands in an award-winning career that goes back to 1985. With Attorney Lutzky you get thoughtful experience, aggressive advocacy, and a sharp, detail-oriented paralegal team to handle your case. We work with clients throughout the Bronx and the surrounding areas, and serve both the English and Spanish-speaking communities. Call today at (718) 550-2881 or reach out here online to set up a free consultation.
Marital Property vs. Separate Property in New York
The first part of a property settlement is to determine what is separate property—meaning it belongs exclusively to one spouse, and what is marital property—which means that the spouses own it jointly. New York state law on this is clear, but applications in individual cases can be more muddled.
New York law says that the property which a spouse owned prior to the wedding date is separate, meaning it reverts to them in a settlement. That’s straightforward enough. But certain types of property have ownership that is harder to define.
A prime example would be a 401(k) account that a spouse had prior to their marriage. They continued working in the same job after the wedding, and their retirement savings grew accordingly. Is the account marital property or separate property?
The answer will be a little bit of both. The value accumulated prior to the wedding is still separate, but that which came afterwards is marital. A good Bronx divorce attorney will also be networked with a valuation expert, who can help identify how much the already-accumulated value on the wedding date contributed to any growth that took place afterward.
That’s just one scenario where property ownership can be convoluted. Another example might be a house that was owned by one spouse prior to the marriage, but had additions put on that were financed with marital property. Again, the value will have to be shared.
The assets which are defined as marital property are then subject to what New York law calls equitable distribution. Please be aware that this does not mean that assets must be divided 50/50. It simply means that the division ought to be equitable. In a settlement case that goes to trial, a judge will look at factors that include the length of the marriage, the respective ages and health of each spouse, whether or not certain assets can be divided at all (i.e., ownership of a family business or a home where children will continue to live and grow up), and whether a spouse will have responsibilities, such as caring for elderly parents that may restrict their ability to earn a living after the divorce.
Keep a Proven, Tough, and Experienced Bronx Divorce Lawyer on Your Side
The issues that are involved in property settlements are a divorce can be complex, and they can be difficult to work through on a personal level. We can’t make the personal pain any easier, as much as we’d like to. What Attorney Jayson Lutzky and his dedicated staff can do is make sure that all our clients get the peace of mind that comes from knowing every last detail of their settlement is being combed over and fought for.
Reach out to us today at (718) 550-2881 or contact us here online to set up a free consultation.
"He was knowledgeable, patient and confident."- Nelson Q.
"Jayson is a different type of lawyer who has a good heart!"- Patrick G.
"A fighter and great defender at a reasonable price."- Juan R
"Very good experience thank you for your help."- Lawrence L.
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