Long Island Division of Property & Debt Lawyer

The Kepanis Law Firm aggressively protects your interests in the division of marital property and debt (known as 'equitable distribution' in New York). Our firm has achieved equitable property settlement agreements for our clients in situations that encompass a variety of marital asset levels. Oftentimes, the complex nature of a divorce can be strained by concerns regarding the division of marital property and debt. This holds true for clients of all income levels. However, those clients with high-value property and significant individual and marital investments and debt, some of which include investment assets, family-owned businesses, professional practice interests, investments, high value homes and investment real estate, IRS tax debt and credit card debt, are especially complex. Our office, located in Uniondale, New York, is committed to meet the family law needs of our clients throughout Long Island and New York City, including Nassau and Suffolk counties.

Division and Distribution of Marital Property

New York is an equitable distribution state - marital assets are divided fairly but not necessarily 50/50. As has been oft stated by the New York courts, "equitable does not mean equal". Oftentimes, the duration of the marriage, earning potential, future earning capability, as well as the health, age, and income of the parties involved are taken into consideration. The primary issues regarding marital property division include:

• Identifying and Defining Separate Property - Any assets you brought into the marriage, received as a gift or inheritance or through personal injury pain and suffering awards are considered separate property unless they were commingled with marital assets. Separate property is not subject to equitable distribution. All other property not determined to be separate property will be distributed as marital property.
• Asset and Debt Evaluation - When all assets/property and debts are clearly identified, the hard work begins with the negotiation of equitable division. Who gets the primary residence? Who assumes the credit card debt? How do the retirement funds get divided? Typically, all assets accumulated during the marriage are considered marital property, i.e. pension plans, 401(k) accounts, businesses and real estate.

Division of Marital Debt

Equitable distribution of marital property also relates to the distribution of marital liabilities such as loans and credit card debt.

Our firm will work with professional appraisers, accountants, and actuaries to properly value marital property, then work diligently with you to tailor an innovative and equitable proposal, or properly assess the other party's proposal. The Kepanis Law Firm is here to protect your marital rights and make certain that you receive an equitable distribution of all assets and debt. We work hard to identify and assign ownership and correct valuations to all property and liabilities, including, when appropriate, the use of forensic accounts to locate hidden assets, business valuation experts, and other financial experts.

Our firm will make that extra effort to protect the rights of our clients and ensure that marital property and debt are divided fairly. Contact The Kepanis Law Firm to speak with our division of marital property and debt attorneys and learn what we can do to help you protect your rights and interests. Contact our family law attorneys today.