Property Division During a Westchester Divorce
Marriage is a financial partnership in which both spouses contribute to the whole rather than the individual. Regardless of what the people intend — unless they make an explicit and formal agreement otherwise — from the moment they say “I do” until the divorce papers are filed, spouses are working for the benefit of the couple, not for themselves as individuals.
At the New York City and Westchester County offices of the Miller Law Group, our divorce attorneys take the time to discuss a property settlement agreement with our clients. When clients come to our office, they are often unpleasantly surprised to learn that assets they thought they had protected from divorce are, in fact, part of the “marital pot” and vulnerable to division.
Types of Property
It is surprisingly easy to inadvertently convert savings or other assets from separate property to marital property, which is subject to distribution as part of a divorce (although not necessarily equally). For example, a single person earning money, investing it and saving for retirement in a 401(k) does so for his or her own benefit. This changes when the person marries. After the honeymoon, as soon as the first post-marriage contribution is made, the entire 401(k) changes its nature and becomes an asset of the marriage.
We help couples negotiate the division of many different types of property, including:
- 401(k)s, IRAs and other retirement investments
- Stock portfolios
- Family-owned businesses and professional practices
- Family homes
- Vacation and rental properties
How An Attorney Can Help
Contact our law office in New Rochelle, New York, by calling for a confidential consultation about your divorce or other family law matters. Attorneys at our New Rochelle office serve clients throughout Westchester and New York City.