Divorce Lawyer in Nassau County
Distribution of Assets and Debts
Addressing the division of assets and debt in a Garden City Divorce can be a difficult and complicated undertaking. It is important to work with a divorce lawyer who understands the ins and outs of these proceedings to ensure that your financial interests are well-protected.
All assets or debts acquired by either spouse during the course of the marriage (from the date of the marriage to the date of the commencement of a legal action) are marital and subject to equitable distribution, except for certain specific exclusions, as set forth below. It is irrelevant in whose name the asset or debt is titled; even if the asset is in an account in your spouse's name alone, you are still entitled to an equitable share of the asset. Income from work, and consequently pensions and other deferred compensation accounts are marital as well and are subject to equitable distribution.
"All assets that are acquired during the marriage, are marital and are subject to equitable distribution, regardless of whose name the asset is titled, unless the asset was received by inheritance or gift, and was not commingled with marital assets."
The enhanced earning capacity of a spouse is a marital asset that is subject to equitable distribution; If either spouse undertook educational studies or acquired a license to work in a field during the course of the marriage, the studies and/or license may have enhanced that party's earning ability and the same can be valued and equitably distributed as marital property.
"Your enhanced earnings capacity or the enhanced earnings capacity of your spouse can be worth hundreds of thousands of dollars and can easily be the most valuable asset of the marriage that the court will distribute."
If a party wants to make a separate property claim and not share an asset, that party has the burden of proving that the asset was received by gift or inheritance to that party alone, and the asset was not commingled with marital assets and not transmuted into a marital asset. This burden is very difficult and must be conclusively proven. The attorneys at our Garden City Divorce Firm have extensive experience in pleading and proving separate property claims.
"Claims of separate property are complex, requiring aggressive and experienced representation by a divorce attorney is critical to protect your rights."
What is equitable distribution?
Equitable distribution does not mean an equal share. The Supreme Court has jurisdiction in "equity" to divide the asset or debt in an equitable way. Although the Court usually divides assets and debts equally, the divorce attorneys at our firm have successfully argued that the distribution should be different based on one party contributing more to an asset, one party incurring the debts unilaterally, or one party squandering assets and reducing the net worth of the parties.
"Equitable distribution does not mean an equal share of the debts and assets of the marriage. The distribution percentage is within the discretion of the court and is dependent on the facts of your case and how it is presented. An experienced divorce lawyer is critically important to your application."
You are entitled to full disclosure of all assets and debts, and your attorneys can use various discovery devises to value all of the assets. Many times a spouse will try to hide assets in an attempt to alleviate those assets from being distributed. You need strong legal representation to discover all the marital assets and have them properly valued. The divorce attorneys at the Law Offices of Paul A. Boronow, PC, regularly value assets such as businesses, real property, pensions, enhanced earning capacity, collectables, stocks, stock options and other market accounts, off shore assets and accounts and numerous other assets. We use discovery demands, depositions, accountants and evaluators, appraisers and accountants.
"You need experienced divorce attorneys to search for all assets and income of the marriage, so you can get your fair share of the marital estate."
Court Decisions Regarding Property and Asset Division
If the court makes a determination on equitable distribution, the factors under the Domestic Relations Law are as follows:
(1) the income and property of each party at the time of marriage, and at the time of the commencement of the action;
(2) the duration of the marriage and the age and health of both parties;
(3) the need of a custodial parent to occupy or own the marital residence and to use or own its household effects;
(4) the loss of inheritance and pension rights upon dissolution of the marriage as of the date of dissolution;
(5) any award of maintenance under subdivision six of this part;
(6) any equitable claim to, interest in, or direct or indirect contribution made to the acquisition of such marital property by the party not having title, including joint efforts or expenditures and contributions and services as a spouse, parent, wage earner and homemaker, and to the career or career potential of the other party;
(7) the liquid or non-liquid character of all marital property;
(8) the probable future financial circumstances of each party;
(9) the impossibility or difficulty of evaluating any component asset or any interest in a business, corporation or profession, and the economic desirability of retaining such asset or interest intact and free from any claim or interference by the other party;
(10) the tax consequences to each party;
(11) the wasteful dissipation of assets by either spouse;
(12) any transfer or encumbrance made in contemplation of a matrimonial action without fair consideration;
(13) any other factor which the parties find to be just and proper
Equitable distribution is complex and requires competent legal representation. If you have assets and/or debts that need to be distributed, or if you have received a summons to appear in court, you should immediately review the matter with a divorce attorney who can offer you helpful guidance and experienced representation.
Contact a Garden City divorce attorney at our law firm today to see how we can help you.
