If you are considering divorce, it is important to have an understanding of state law with regard to the marital assets. As your future financial health will be impacted by the final agreement or court order, this is a matter of great concern in divorce. At Jonathan E. Kroll & Associates, PLLC, we serve as counsel in all divorce matters, including asset division. The division of assets in New York is termed "equitable distribution."
The first step in determining the split of property involves a valuation of the marital assets. This process must be completed very, very carefully. Assets that could appear to be without value (such as business interests) could actually be extremely valuable if a stock purchase is pending. It takes far more than a cursory evaluation. The assets that must be valued include the family home and all other properties, personal property, business interests, insurances, both life and health, retirement accounts, stock accounts and investments, credit card and personal debt as well as mortgages, existing medical bills, and all other assets and liabilities.
Some assets will be deemed to be personal assets, rather than marital assets. These include inheritances, gifts, and property solely owned prior to the marriage. In splitting the assets, the court will attempt to divide it equitably. The way this is eventually resolved will vary from case to case. In some cases, one party will pay off the other's share in a property and become the sole owner, while in others, the property will be sold and the profits split equitably. In many cases, it is far better to make these arrangements out of court, with the help of an attorney who will negotiate the terms of the agreement with the opposing attorney. Call our firm for information about asset division. We have the resources to do an in-depth evaluation of the finances, both locally and in overseas accounts, as well as of business interests and their potential value.