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TM Department of Finance New York City Department of Finance l Property Division l Tax Map Office APPLICATION FOR MERGERS OR APPORTIONMENT Instructions: Please complete this application and submit

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How to fill out property division

How to Fill Out Property Division:

01

Start by gathering all relevant documents related to your property, such as property titles, mortgage statements, lease agreements, and any other documentation that proves ownership or value.

02

Identify all the assets that are subject to division, including real estate, vehicles, bank accounts, investments, retirement accounts, personal belongings, and any other properties of value.

03

Determine the fair market value of each asset. This can be done through appraisals, professional evaluations, or by researching recent sales of similar properties.

04

Discuss with your spouse or partner how you both envision the division of property. Collaboratively decide on a fair and equitable distribution plan that satisfies both parties' needs and interests.

05

Consult with a lawyer or mediator experienced in family law and property divisions. They can provide legal advice and guidance on how to navigate the process effectively.

06

Prepare a written agreement documenting the agreed-upon division of property. Include specifics about who will retain ownership or possession of each asset, as well as any financial considerations or equalization payments to achieve a fair distribution.

07

Ensure that the written agreement complies with local laws and regulations regarding property division. It may be necessary to have the agreement reviewed and approved by a court or a legal professional to make it legally binding.

08

Review the finalized agreement with both parties involved and ensure that everyone understands and agrees to the terms outlined. This can help prevent potential conflicts or misunderstandings in the future.

Who Needs Property Division:

01

Couples going through a divorce or legal separation often need property division to determine how their shared assets will be divided between them.

02

Unmarried couples who have acquired property jointly may need to go through a property division process if they decide to separate or end their relationship.

03

In some cases, business partners or co-owners of a property may need property division to dissolve their partnership and allocate assets and liabilities appropriately.

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What is property division?

Property division is the process of dividing assets and debts between spouses during a divorce.

Who is required to file property division?

Both spouses going through a divorce are required to file a property division.

How to fill out property division?

Property division forms can be filled out with the assistance of a lawyer or through an online legal service.

What is the purpose of property division?

The purpose of property division is to ensure a fair and equitable distribution of assets and debts between the spouses.

What information must be reported on property division?

Information on all assets, finances, and debts must be reported on the property division form.

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