Divorce Marital Assets

Divorce can present a complicated legal situation, particularly when it comes to dividing marital assets. In an amicable divorce, couples may be able to reach an agreement on their own. When a divorce is contentious, however, determining who is entitled to certain assets can become much more difficult. In these situations, it may be helpful to work with a New York City divorce lawyer who can explain your legal options and help you navigate the division of marital property.

There are certain assets that would be considered separate property in the event of a divorce. These include anything that was acquired by either person before the marriage or that was given to him or her as a gift or an inheritance during the marriage. Any other property that was acquired during the marriage would be considered marital assets, however. This is true regardless of which person holds the title to the property or owns it in name.

Marital assets include any income and assets that were acquired by either of the people involved in the marriage, and this includes:

• 401Ks
• pension plans
• retirement plans such as IRAs
• stock options
• deferred compensation
• commissions
• bonuses
• equity such as restricted stocks
• life insurance
• annuities
• all bank accounts
• tax refunds

In addition, any pieces of artwork or other valuable assets that were bought together as a couple would be considered marital assets, rather than assets that belong to one or the other person. As difficult as it may be to part with things that are valuable to you, the law will have the final say in situations where two people are fighting over an asset.

If you are having with trouble splitting your marital assets during a divorce, you really should consider contacting a New York City divorce lawyer, such as the attorneys at the Levitsky Law Firm.

Our attorneys have enough expertise and experience on divorce marital assets to be able to answer any questions you might have and help you through the situation in the best way possible.