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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“We saved thousands of dollars!”- Gloria
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When my daughter was sideswiped and served with a summons by her husband we called Lois Brenner. I had met Lois when she was giving a seminar on Marriage and Finances. I thought she was really smart. I never dreamt I would be calling her to help my daughter. When we went to see her she put our minds at ease. We immediately knew she was the attorney for us. She managed to negotiate a really good settlement with my son-in-law’s attorney. She was tough and always returned our phone calls and responded immediately to our emails. We even heard from her on weekends!! She was determined to keep us out of court and guided us every step of the way. She was our Angel!!! Mary B.- Mary B
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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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I met with Lois Brenner nine months ago, and my life has been changed for the better! She and her legal team really encouraged me to leave a very abusive husband. They gave me the knowledge and courage to take the necessary legal steps. My parents were helping me and found Lois to be smart, and compassionate. My whole family felt really comfortable having her handle my case. I am finally divorced, away from an abusive man and ready to start a new life. I can’t thank Lois and her legal team enough for all the support I received. I got a much better settlement than I expected because they were relentless in locating money my husband had hidden. Thank you so much!- Kim B.
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Dealing with this firm was a gift from above. They were very understanding and made the whole process painless. They are open after regular work hours which was super convenient for a working professional. As a Surgeon in NYC going through this process the firm was very accommodating to my changing schedule. I am forever grateful that the firm was able to find a great solution to all issues so that everyone was taken into account and came to a responsible agreement. Thank you Lois Brenner you are the best!- Jose Loor
