Equitable Distribution of Assets in Brooklyn
Tough, Smart Advocates Protecting Your Property Rights
If you are a New York couple who is currently facing
divorce, it is absolutely critical that you understand how the law will divide
your property and assets during a divorce. In the state of New York, divorces
are subject to the equitable distribution system; however, you are in
for a rude awakening if you think that “equitable” means that
you and your soon-to-be former spouse will split everything 50/50. Equitable
does not mean "even" to New York courts—it means “fair,”
which is completely a matter of opinion. That is why it is absolutely
critical you get a Brooklyn divorce attorney in your corner who can help
level the playing field and fight for your rights. At Coffinas & Lusthaus,
P.C., we have a combined 50 years’ legal experience. We meticulously
prepare our cases and provide sound, persuasive arguments on behalf of
our clients that often lead to favorable results.
Helping You to Understand the Property Division Process
For couples facing divorce, the first step will be exchanging all of the
information regarding their finances in a matrimonial net-worth statement
that must be signed under penalty of perjury. Couples may also be required
to exchange certain documents and appraisals.
After this exchange, there will be a three-step process that will include
Identification: The court will need to identify which of the property is “separate”
and which is “marital.” Most often, any property that the
individual acquired before the marriage will be classified as "separate"
and property acquired during the course of the marriage will be “marital”;
however, there are always exceptions, such as an inheritance.
Valuation: The second step will be assigning a value to all assets so that the court
can fairly allocate everything during property division. There are certain
assets that will be difficult to provide a concrete value for as some
assets have fluctuating value (ex: stocks) and other will ebb and flow in value.
Distribution: The final step will be distributing the property in a manner that the
court deems to be fair. New York Domestic Relations Law §236B5 states
that the court will need to consider certain factors into the final decision,
such as the income / property of each party, any
spousal support that is awarded, the duration of the marriage, the tax consequences, and more.
Brooklyn-Tough & Manhattan-Smart Divorce Attorneys
At our Brooklyn divorce law firm, we understand that there are many challenges
involved during the division of property in a divorce case. We have the
experience, skill set, and smarts to help ensure that your best interests
are protected during this process and that any distribution is indeed
fair. If you would like to discuss your case or take the first step, we
encourage you to contact us immediately. We are an established Brooklyn-based
family law firm with a reputation for successfully representing individuals in regards
to marital property issues throughout the five boroughs, Westchester,
Ready to begin? Call us
at (718) 717-1005 today.