When one is going through a divorce, there can be a lot of questions throughout the process and it is best to speak with a divorce lawyer Bronx, NY from Okun, Oddo & Babat, P.C. One of the largest considerations can be sorting out who gets what assets in the divorce. Emotions may arise when determining how assets will be divided, even in the calmest and friendliest of divorces. A divorce lawyer Bronx, New York residents rely on can be helpful in distinguishing separate versus community property because this can vary depending on the state you live in. Some states, like California, divide all assets straight down the middle, regardless of the reason for divorce. But, most states require the judge to sort out how assets will be divided in the fairest way possible. Community property is considered anything that was acquired together in the marriage. Separate property can include assets such as inheritances, gifts that were given to the spouse, or even separate bank accounts.
Obviously if your divorce is a stressful and tension filled one, you may find that the process can be even more stressful. It is very common for a spouse to hide assets from the other so that they are not subject to being divided. When you believe this is the case, seek help from a trusted Bronx, New York divorce lawyer. Common ways assets may be hidden are:
- Putting assets in the names of others while undergoing the division of assets.
- Undervaluing or hiding belongings of value such as antiques or artwork.
- Accounts that a spouse never knew about.
It will be important prior to filing for divorce to have clear documentation of assets that you and your partner own. Locating assets can require more time and money because you will have to prove that the assets existed. Often this is done through the discovery process; by having people deposed who may be able to attest to those assets.
Determining whether or not your ex will be entitled to assets you may have inherited from the passing of a loved one is a question that commonly comes up. If you were left an inheritance with no mention of your spouse, they are considered separate property. That means, they would not be entitled to it in the divorce.
Contact a Divorce Lawyer Bronx, NY Residents Rely on!
Nearly all people find that going through a divorce can be an emotionally draining process. When it comes to dividing assets, it can be disheartening knowing that you will have to part with some things that you may find important to you. A divorce attorney will be able to protect your best interests while you withstand the divorce process. They will also be vital in appropriating what is rightfully yours in the divorce. For more information, speak with a divorce lawyer in Bronx, NY from Okun, Oddo & Babat, P.C.