Asset Allocation in a New York Divorce
Equitable Distribution Does Not mean a 50/50 Split
Most states, including New York, use equitable distribution in a divorce to divide marital property. While this does not necessarily entail a 50/50 split, it is based on a percentage that is “fair” – depending on the facts of the marriage. There are other states that have community property that consider all property acquired during the married to be equally owned by each spouse, splitting it 50/50 between both parties.
What Factors Will the Court Take Into Consideration?
In New York, divorcing spouses can either come to an agreement on how their assets will be distributed or leave it up to the court. If the court is left to decide how a couple’s property will be distributed, the judge will take a number of different factors into consideration – some of which may include:
- The income and assets of both spouses during the marriage
- The income and property of each spouse at the time that they filed for divorce
- The age and health of both spouses, and the length of the marriage
- The need of the custodial parent and children to live in the family home and use its effects
- Any loss of inheritance / rights to pension when the marriage is dissolved
- Any support or maintenance from one spouse to the order
When looking at what assets you want to keep after your divorce, it is important that you discuss the future value of these assets with your New York City divorce lawyer. This includes retirement accounts, real estate and business assets, as well as the tax consequences relating to these assets. This will ultimately help you to ensure you get the best results.
To learn more, schedule an initial consultation by calling (646) 663-4546.
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I had a complicated situation wherein I had to get a divorce through publication as my husband and I had not been in contact for 5 years and I was out of the US for a few years. (it was an abusive marriage) I reside in Buffalo and I spoke with several attorneys locally but I did not feel that any of the local attorneys were able able to understand my situation. Some suggested that I locate my husband, and each one of them wanted to start by identifying and listing the assets. Unsatisfied, I started looking for attorneys in NY city, and I found Ms. Brenner through Avvo. During the consultation, she was extremely kind and understanding and agreed to take on my case. Ms. Brenner helped me get a divorce through publication and she/her team took care of everything. All I had to do was provide her with documentation. I am grateful to Ms. Brenner for helping me get out of a sticky stressful situation. I would definitely recommend her to anybody in a similar situation. Thank you, Ms. Brenner.
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Lois Brenner, her colleagues, team of experts and staff are phenominal. I hired them to help me to see my son who had been taken out of state by my wife during this insane pandemic. She decided to take him to stay with family but then she sideswiped me with a divorce. I was devastated. Lois Brenner and her litigation partner fought for me and made it possible for me to see my son. They are handling my divorce now and their strength and support is getting me through a really tough time. They are smart, tough and highly experienced.
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“You are New York’s best divorce lawyer!”- Danielle
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Thank you Ms. Brenner! It was a rough summer trying to get our parenting agreement together.but you really helped. My ex-husband and I fought all summer about what the children's schedule would be once school started. Your endless guidance and productive sessions with us made all the difference. You straightened us out with your sound, caring advice. We both feel better now. Our kids feel better too. Thank you, thank you. We hope you had a great summer. We will recommend you highly to anyone needing a family law attorney.- Brenda
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“Thank You, Thank You, Thank You!”- Sara and Jeff
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Finding my way to Lois was the best thing that could have happened during my very contentious divorce. Lois took on my case with a level of care that has been above and beyond. She has been an incredible advocate for me, both legally, guiding me through this difficult process with knowledge and wisdom, and also personally, helping give me strength and support to stand up to my very aggressive ex husband. Lois is a gift, and I am so grateful to her and for the future she is helping to make possible to myself and for my son.- SC
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“Keep up the good work!”- Jonathan
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I utilized Lois's services for divorce. She was most helpful in all aspects. First, she explored reconciliation, which was the right thing to do. Absence of that, her suggestion of what to negotiate for, how to do it without unnecessary anger & hostility to the ex & how to expedite the process was invaluable. Timewise she was excellent & sympathetic to what I was going through. She was always available & her fees were very reasonable. I would strongly recommend her as a divorce /representative attorney.
