Asset Allocation
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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Lois acted as the mediator in my divorce, and she was absolutely excellent. It was a very difficult time for me personally, but Lois made the process as easy and painless as it could possibly have been. She listened to each of us separately, and made thoughtful and helpful suggestions. She is fair, and seemed to genuinely care about finding a solution that was best for both parties. Lois is perfectly qualified to handle this type of situation, given her background in psychology. She truly understands people, and used this ability to keep my ex-husband and I calm, and smoothly navigate a few tricky situations. I felt very understood by Lois, and think that she not just a top-quality attorney, but also a very decent person. She is responsive, and answered my emails within a couple of minutes every time. Highly rated!
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“Keep up the good work!”- Jonathan
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“You are truly the best divorce attorney in New York!”- Christine
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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.
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"Like at First Sight!" We consulted Lois on the best, most cost-effective way to get divorced. First, she extended a free in-office consultation to us. It was supposed to be one hour; it was an hour and a half. She was gracious, didn’t rush us, explained thoroughly all the ins and outs of going to court, and answered thoroughly lots of our questions. She also shared lots of great information on divorce mediation, which we really knew nothing about, and now we have decided mediation will be the best route for us. We knew in the first 10 minutes that we really liked and trusted her. We are starting our mediation process with her next week. We are really looking forward to working with her. We feel strongly she is the best person for us.- Jen
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When I first decided to hire a divorce attorney, I thought a male attorney would be best. Lois Brenner really surprised me. Although she has written a divorce book on women’s rights, she is totally an advocate for men as well. She really understood how much I loved my kids, and listened and understood all the horrible things my wife was doing to destroy their relationship with me. She didn’t miss a beat and really went to bat for me. She reached out to my wife’s attorney every time my wife made any attempt to disrupt my visiting our kids and always demanded the best results. She made herself available, even when she was on vacation! Lois has been there every step of the way in these difficult circumstances. I highly recommend her.- Sam
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Lois is a “Rock Star” I was very worried about my daughter who was in a really bad marriage. I started researching divorce attorneys and found Lois Brenner. I called her, discussed my daughter’s horrible marriage and she agreed to meet with us. Since my daughter’s husband wanted out of the marriage too (he was cheating), Lois suggested she help them dissolve their marriage in mediation. To my surprise it worked out. Lois was able to keep my daughter and husband from fighting during their sessions, and she helped them resolve all their financial issues. Since I was paying the fees to help my daughter, not having to go to court saved us a great deal of money. As a father, I am truly grateful for everything Lois did. Her talks with me in the beginning of the process, to calm me down, really helped. I would highly recommend her to anyone thinking of divorce.- Graham (happy dad)
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Everything you said about mediation was true. My husband and I really connected in a positive way working out the details of our divorce in mediation with you. The arguing was endless but we finally heard each other. You have a lot of patience. The property discussions made everything so emotional. You kept us focused and stopped us from rehashing the past. We tell everyone about you. Hopefully none of our friends will divorce but if they do we will tell them they need you.- Tom & Philip R.
