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 the following:
- 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 family law firm with a reputation for successfully representing individuals in regards to marital property issues throughout the five boroughs, Westchester, and Nassau.