Determining Separate Property and Separate Debts in New York Divorce
Albany Family Law Attorneys for Divorce Property Settlements
Whether you are preparing a prenuptial agreement or preparing for divorce, you may need a family law attorney's advice and guidance in determining what constitutes separate property and separate debt. Colwell, Colwell & Petroccione, LLP, in Albany is a valuable resource for individuals or couples dealing with these important questions of marital versus separately held property and debts.
Contact us to schedule a free consultation regarding any aspect of equitable distribution of property in divorce — or about understanding, drafting and formalizing a prenup. Discuss with our lawyers any of the following assets and debts that must be categorized as jointly held or separately owned for purposes of a separation agreement or divorce property settlement:
- Student loans: Students loans are typically the premarital obligations of one individual, but the bank account that they're paid out of may make a difference in how they are characterized when it comes to dividing up assets and debts.
- Real estate owned by one of the spouses before the marriage and any potential increase in value.
- Credit cards: Tracing the source of the debt — separate or joint — can be tricky based on how the card was used and what funds were used to pay the debt.
- Property mentioned in a prenuptial (premarital) or post-nuptial agreement
- Vehicles
- An inheritance to one spouse
- Other assets and loans such as life insurance policies; boats and boat loans; jewelry and loans taken out to purchase jewelry; vacation homes and buy-out agreements with other family members; businesses and interest in businesses; stocks and bonds; deferred compensation such as expected bonuses.
- Unpaid taxes
- Expected tax refunds
- A personal injury award or disability claim
- Any asset acquired or any debt incurred by either party in joint names or separate names which benefits the household or marital relationship in some way.
- Gifts
For each type of property or debt in a divorce property settlement, careful analysis concerning timing and source of acquisition of payment will help determine whether it is separate or joint property or debt. Colwell, Colwell & Petroccione, LLP, has helped many clients accomplish this task efficiently in preparation for divorce or legal separation, with long-term best interests of our client as the top priority.
Albany Divorce Lawyers Help Identify Separate versus Joint Property and Debt
There is no risk in giving us a call. All of our clients receive a free initial consultation. To schedule yours, call 866-377-0285 or just contact our office online. We are ready to help.
