Dividing Stocks, Retirement Accounts And Other Assets During Divorce
New York is an equitable distribution state, which means that both the assets and debts of each person involved in divorce will be divided in an equitable manner. This rule applies to all marital assets, including stocks and retirement accounts. However, equitable distribution does not always mean equal distribution.
At the Law Office of Sandra D. Parker, our knowledgeable team is here to help you find a positive solution to your property division concerns and protect your financial interests. Let our attorney put her decades of experience to work for you.
Marital Property Versus Separate Property
In a state such as New York, where assets are equitably distributed, many factors come into play in the property division process. First, each asset must be characterized as either marital property or separate property.
Marital property typically includes anything acquired during the marriage, including stocks and retirement accounts. Separate property includes assets that a spouse acquired before the marriage or gifts or inheritance received from someone other than the spouse during the marriage.
The Courts Look At An Array Of Factors
For assets that are considered to be marital property, the court will look at such factors as:
- How long the marriage lasted
- Assets brought into the marriage by either spouse
- The income and earning potential of both spouses
- Each spouse’s financial situation once the divorce is finalized
These and many other factors may impact the ultimate decision in the case. It is difficult to predict the outcome if the decision is left in the hands of the courts. That is why it is highly advisable to work with a knowledgeable lawyer who is trained in New York’s divorce laws. An attorney can help you navigate complex issues related to dividing stocks, retirement accounts, small businesses and other assets.
Contact Our New York City Lawyer Today
At the Law Office of Sandra D. Parker, our team of professionals will thoroughly evaluate all of your assets. We will also take into consideration the numerous factors the courts will look at and advise you of your options.
To learn more about the division of assets during a divorce, contact our New York City law firm at 212-317-2883 for a consultation. We are in the Rockefeller Center area, close to St. Patrick’s Cathedral.