One facet of property disputes is that of real property. The questions involving the fair and proper division of homes are numerous. You may be concerned about:
- What is your stake in the house or houses? Did you help with the mortgage payments? Did you contribute financially to any repairs or construction costs?
- Are you being offered the house in a settlement as opposed to monetary compensation? If so, should you accept it?
- How does the division of property work under New York law?
- What about cars? Furniture? Valuables? Vacation homes in other states?
This area of a divorce matter can be very complex and extremely overwhelming. At Donnellan & Knussman, PLLC, we work with you to create a unique legal roadmap to address these highly personal issues. We will ensure that you receive your equitable share of the real property, whether that means keeping the house or receiving credit for your contributions to it.
While some states have laws that require all property to be split equally, New York divorce law states that property has to be divided equitably, which is a very important difference.
This means that the property gets divided according to each party’s contribution toward it. This contribution could be monetary, labor and upkeep or management of the property. Important factors to consider when negotiating are:
- Will you be left with your fair share of the property or will you be left with nothing?
- Will your contributions to the household and the upkeep of the properties be acknowledged?
- Is what you are being offered something that seems good now and in the long run?
We encourage our clients to meet with financial planners to create a clear picture of the goals that we should be working towards. Once those goals are established, we work diligently towards achieving them. Whenever possible, we do this with negotiation, but if necessary we use litigation to help our clients secure a bright future for themselves and their children.