In regard to divorce, some states have community property laws and others focus on equitable distribution. The equitable distribution laws in New York State are helpful for a spouse who wants to keep assets or property owned before the marriage, or an inheritance that was provided after the marriage. When it comes to Divorce Law Lynbrook NY attorneys represent clients to make sure they achieve a positive outcome in regard to their own assets.
Proving Sole Ownership
If the other spouse’s attorney is contesting any of this asset division, the person claiming to be the sole owner must show that these assets were never blended in any way with marital assets. Money from an inheritance, for instance, may have been kept in a personal investment account. A vacation cabin may have been purchased by one of these individuals before the marriage.
Tricky Situations
Sometimes when it comes to Divorce Law Lynbrook NY attorneys must deal with tricky situations. If the owner of the vacation cabin had ever taken out a mortgage against it to fund the spouse’s new business, a judge may rule that this cabin has now become marital property. Another example would be if the spouse who was not the owner invested significant time and money in fixing up the place and the land.
In some instances, the mingling of assets will not have a negative effect on the person who should be the sole owner. For example, if some money from the inherited investment account was taken out to buy a sailboat that the couple would share, that does not mean the other spouse would now be entitled to half of the investment account.
Prenuptial Agreements for Protecting Assets
When people plan to get married and at least one of them already owns real estate or other substantial assets, drawing up a prenuptial agreement may be advisable. Although some individuals are uncomfortable with this, it further protects the ownership if this ever comes into question. Attorneys with a law firm such as Simon & Milner represent clients in family law matters like prenuptial agreements and divorce cases. Browse website to learn more.
