Marital Property Matters
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Michael has helped me tremendously. I’ve been going through a divorce for over a year now and he’s be there every step of the way. If I needed to contact him out of business hours, he always answers right away or calls back in a timely manner. My divorce was and still is very stressful. He has kept me cool and calm the whole time. I’ve had a lot of anxiety that he took away. Very detailed and very relaxed person. Made me feel so much more confident than I was before I stepped into his office.
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It might feel like your world is crumbling around you when you are going through a divorce, child custody battle, or other legal issue involving your family. Emotions run hot, and relationships can go from bad to worse quickly.
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Knowing the Difference Between Separate and Marital Property
Sometimes in divorce it can be difficult to correctly identify the character of a particular asset as marital property or the separate property of just one spouse. If the asset is valuable, such as equity in the primary residence, the divorcing spouses will need to resolve this question before they can distribute the marital estate.
Experienced Rochester Divorce Lawyer Michael D. Schmitt has experience resolving divorce property settlement problems in cases of all kinds. We can protect your interests and avoid mistakes in the characterization of marital or separate property and debts. While our practical approach to these issues can lead to sound compromises, our legal understanding and attention to detail can help you in court if the issue needs to be decided by a judge. Contact our experienced Rochester Divorce Lawyer for a free initial consultation on property characterization issues under New York law.
Skillfully Handling Property Settlement Problems in Rochester
As a general rule, the property acquired by either or both spouses after marriage is subject to division in divorce, with the important exceptions of gifts and inheritances (property or money). Several circumstances can complicate the distinction between marital and separate property, including:
- Terms of a prenuptial, postnuptial or opt-out agreement
- Appreciation of a separate asset’s value during the marriage
- Use of marital assets, typically earnings, to reduce liability on separate debts, including student loans or the mortgage on an inherited house
- Use of separate assets, including inherited cash, to reduce liability or increase equity in a marital asset, such as the primary residence
- Premarital contributions to a current pension or retirement account
- Waiver of marital interest in business assets held by a partnership or limited liability company
Property characterization problems in divorce are highly sensitive to the facts of each case, the ability of the spouses to trace payments, and other documentation such as contracts or even admissions in correspondence. Experienced Rochester Divorce Lawyer Michael Schmitt knows how to handle the evidence that can make the biggest impact in a dispute over an asset’s marital or separate character.
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We also help our clients pick their battles wisely. If the disputed asset won’t make much difference in the overall value of the marital estate, our Rochester Divorce Lawyer can help negotiate a compromise on terms that might well make a favorable difference with respect to a matter of greater importance to you.
Do you have questions about how marital property is handled in a divorce, or are facing a property settlement issue, contact experienced Rochester divorce lawyer Michael Schmitt for a free consultation.
Client Reviews
“Mike will end all your distrust and annoyance associated with legal proceedings. He handled my divorce and did an amazing job keeping it out of court and getting me what I wanted. He was there to talk to the whole time and made me feel he was on my side by his comments and advice. He is now representing my girlfriend for her custody battle and he was the only lawyer we would contact to handle the case. He is truly a good person which is hard to find with people associated with the law in this country. Thank you Mike for everything you have done for me and for everything you are doing for my girlfriend.”
-Peter