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Property Division Lawyer Albany NY
Couples deciding to end their marriage face many challenges they must navigate carefully, including spousal support, child custody, and more. Understanding family law is harder than it looks, and it often requires the help of an expert in the New York state.
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Many factors will influence how a spouse's assets are divided, including prenuptial agreements. After an initial consultation with professional attorneys in New York, it'll be much easier to tell what the best course of action is.
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Property division is overwhelming, regardless of the case. It will define the long-term financial life of every person involved in the marriage. Most of the time, recently divorced couples will be overwhelmed with sadness, anger, and more.
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How can people navigate all those feelings while dealing with legal matters? Hiring a property division lawyer will be the solution. An effective and proactive approach to the case is what makes everyone feel much calmer and willing to work things out, and that's what the team at Divorce & Family Legal, LLC is willing to do.
Marital Property and Equitable Distribution of All Assets
In New York, marital property includes anything bought during the marriage. It also applies to accounts, pensions, or securities acquired during this period. Gifts may also count as marital property.
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To put it simply, an asset is "marital property" if the person got it after they became married or if they purchased it with the money they got after they achieved this status.
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Some examples of marital property include:
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Vehicles
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Real estate
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Appliances
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Investments
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Furniture
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Retirement funds
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Intellectual property
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All New York courts divide marital property equitably. This shouldn't be confused with "equally," though. There are no laws that require courts to split assets 50/50. The state takes several factors into account before deciding who gets the assets, including the age and health of both spouses, the length of the marriage, their income, and more.
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Additionally, courts in New York will consider any other factor that could help to achieve an equitable distribution of property.
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Handling this process through a court may be overwhelming, not to mention unfair for some couples. There's no way to tell how it may go for one of the spouses.
What About Separate Property?
Separate property could transform to marital in different ways, including commingling or transmutation. This is why it's crucial to talk to an attorney about the state of the spouse's property before taking the case to court. Unintentional transformation of separated property can make the division of assets much more complicated during divorce.
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When people separate for divorce, it's possible to agree on the division of marital and separate property with proper legal help. The other option would be to go to court. Seeking help from a lawyer could help the separating couple manage other aspects of the divorce that may cause them trouble, including custody, marital debt, and more.
Avoiding Other Common Challenges When Navigating Matrimonial Law in Albany
Understanding matrimonial and family law can take people a long way. With the help of a professional attorney, there are plenty of possibilities for the separating couple.
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Property division is only one step among many, and it can affect the future of both spouses after a divorce in New York. Some of the factors/challenges to address during such a process include:
Retirement
Any retirement contributions made during marriage may count as marital property. Losing some of these savings may hurt a person's financial future. It's crucial to have a legal expert navigate these issues thoroughly to ensure both people are satisfied with the outcome of the separation.
Child Support
Child support is a tough part to discuss with separating couples, not to mention how traumatic it is for everyone. In any case, the goal is to make it as easy as possible for the kid.
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Depending on the scenario, child support can give more income to one of the spouses or raise their expenses. It's also crucial to think about the child and their emotional health.
Having a mediator in these cases it's important, as it will help determine what the best course of action is without having to take the case to court.
Real Estate
Some separations involve selling or keeping a home for one of the spouses, which may indirectly affect finances. A property division lawyer in Albany will address these unique problems, finding a comprehensive solution that ensures everyone is on the same page and doesn't end up in further conflict.
Living Adjustments
Divorce will sometimes end up in one of the spouses (or both) having to find different living accommodations. This will result in a higher cost of living. Some examples include the cost of relocating.
When talking to a lawyer, they may help both spouses discuss options that may ease the burden on both of them.
Emotional and Psychological Effects
As mentioned, a separation will cause strong emotional effects on everyone, especially if there's a child involved. Most likely, one of the spouses (or both) won't be likely to talk things out with their partner because they feel hurt or betrayed. That's when the lawyer comes in.
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In these scenarios, it's always a great idea to have a professional who understands how the law works, giving people a unique and unbiased perspective on the problem. This helps achieve a solution that doesn't affect the couple's financial and work decisions.
Finances
Divorces will affect everyone's finances badly, especially if they don't have the right guidance. By working things out with a divorce lawyer, they have a better chance of finding a reasonable solution that doesn't hurt them further.
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Legal advice is always crucial when resolving conflict, especially divorce. Whether the goal is to reduce financial impact or ease the emotional burden. The team at Divorce & Family Legal, LLC is ready to help.
Practice Areas
Work Throughout All Challenges with an Expert
Navigating child custody or property division is always hard in Albany. There are plenty of resources available that the team at Divorce & Family Legal, LLC uses in their favor. With plenty of education resources under their belt, this team has everything necessary to ensure no one has to become overwhelmed by their divorce process anymore.
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Division of property is something that can always raise questions and concerns among spouses. Having a third-party mediator will make things better in every scenario. Understanding how the procedure works will give people the tools necessary to avoid common problems and come up with a solution that gives them a great outcome.
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Divorce & Family Legal, LLC is here to help people be more proactive about their approach to the law. Mr. Said Ibrahim is a part of the American Bar Association Judicial Internship Opportunity and the Albany Law School Mentorship & Interviewing programs. He has also served as a mock appellate judge for Albany Law students, making him a strong part of the legal community in this area.
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Those looking for a property division lawyer (Albany, NY) can trust this firm for all their needs. Schedule a free consultation today, and discover how we can help you.