New York uses the process of equitable division in order to divide assets fairly between spouses during divorce. In order to do so, you will need to know the true value of these assets. Read on to learn more.
How are Assets Valued in a New York Divorce?
Unfortunately, you may not be able to rely on your spouse to tell you the true value of an asset. In some cases, your spouse may attempt to undervalue the asset in order to keep it fully or avoid splitting it fairly. Additionally, assets can be hidden. There are a few ways a spouse can hide assets during a divorce, such as:
- Overpaying on taxes so they can get the money back in a refund the following year
- Asking an employer to delay a promotion or raise until after the divorce
- Delaying the receipt of a large commission from work
- Transferring assets to a friend or a separate bank account
For these reasons, you may want to consider retaining the help of an expert who can determine the true value of your assets.
How are Assets Split?
Luxury assets can be split in a variety of different ways. For example, couples that own vacation homes together can both keep ownership and split the time they have there. This ensures neither spouse has to give it up.
However, there are other cases in which a spouse may need to give up certain assets so they can keep others. If one spouse wants to keep a certain high-value item, they have to compensate the other spouse with assets that are of a similar value. It is important to keep equitable distribution in mind during this time, as it is used to settle a fair division.
What if Assets are Sold?
In some cases, it may be easier for luxury items to be sold so the money can be split between spouses. This may be beneficial in the following situations:
- It may be too costly or impractical to keep certain assets as a single adult
- The asset’s sentimental value may be tied to the marriage
- Spouses may need the money to pay for their divorce or certain marital debts
If you are getting divorced in New York, you will need the help of an experienced divorce attorney. Our firm is here to advocate for you and walk you through the process each step of the way.
Contact Our Experienced Firm Today
Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.
