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Watch out for commingled assets in your divorce

On Behalf of | Feb 23, 2022 | Property Division

The property division process in a New York divorce is meant to leave you with a fair, although not necessarily equal, share of the marital estate. That division might sound easy to effectuate, but the truth of the matter is that the property division process can be extraordinarily complex. Not only is it hard to decide who will get what, but it can be challenging to determine which assets should be considered marital in nature and thus subjected to division.

Make sure that you properly address commingling

One issue that often comes up in these divorces is the commingling of assets. Under the law, assets that were once considered individually owned can become marital property when those individually held assets are commingled with marital assets. This then subjects those once individually owned assets to the property division process. This commingling may be as simple as depositing individually owned funds into a jointly held bank account, but the issue can be much more complex than that.

Complex commingling issues

For example, if you owned a home prior to your marriage but then use marital funds to make improvements to the residence or to help maintain it, then your spouse may end up with an interest in the home. The exact amount that your spouse will be able to pull out of the home will be dependent on a number of factors, including how much was paid to improve or maintain the residence. These issues are often seen when once individually owned businesses are at issue, too.

Have the strategy that you need to address your property division issues

You can’t go into your property division process blindly if you hope to obtain the best result possible under the circumstances. That’s why it might be best for you to work closely with a skilled legal advocate who can help you develop the strategy that you need to position yourself for success. To learn more about what a legal professional can do to help you in this regard, please continue to read our website.