Equitable Distribution Attorney

Equitable Distribution Attorney Serving Nassau County, Suffolk County, & Manhattan, New York

An inevitable aspect of completing a divorce is property division and equitable distribution. In New York, equitable distribution pertains to the fair division of assets and liabilities between the two parties, meaning assets and property will not necessarily be divided equally, but fairly, based on individual circumstances.

At Hedayati Law Group, our experienced attorneys understand the complexities of dividing property and navigating an equitable division of assets and debts. With over 150 years of combined, unmatched experience and a background in banking and finance, let us offer you a competitive advantage. We will guide you through the distribution of marital property with a thorough consideration of issues that may affect your particular case — including fair market value, child support for minor children, car loans and other debt, tax implications, earning power, and future financial needs. Contact us at (516) 334-4100(516) 334-4100 to schedule a complimentary consultation.

Key Takeaways About Equitable Distribution Cases in Nassau County, Suffolk County, and Manhattan, New York

• When seeking to divide marital property, New York law operates on the principle of fairness, which means assets are divided equitably but not necessarily equally.
• As an equitable distribution state, New York considers factors such as the duration of the marriage, the age and health of both parties, income and property brought into the marriage by each spouse, any child support or child custody agreements, and career sacrifices made for the sake of the marriage.
• Marital property includes assets and debts acquired during the marriage by either spouse, regardless of whose name is on the title.
• Separate property includes property and assets acquired before the marriage or through inheritance or gifts specifically to one spouse.

Understanding Equitable Distribution in New York

What is Subject to Equitable Distribution?

Unlike community property states that divide assets 50/50, equitable distribution states like New York strive for fairness when dividing marital property. Factors considered during court proceedings include:

• Duration of the marriage
• Age and health of both parties
• Income and property brought into the marriage by each party
• Any child custody agreements or support obligations
• Career sacrifices made for the sake of the marriage

New York’s equitable distribution laws do not consider other factors like marital fault or financial misconduct, which may affect asset distribution in other states. Only marital property is subject to equitable distribution, meaning assets or property acquired before the marriage or through inheritance are considered a spouse’s separate property and therefore, exempt.

However, exceptions may exist in specific cases where separate property has been commingled with marital property or used for the benefit of both parties during the marriage. Discuss your unique situation with an experienced family law attorney during your complimentary consultation.

Marital Property vs. Separate Property

Marital Property includes assets and debts acquired during the marriage by either spouse, regardless of whether only one spouse’s name is on the title. Examples of marital assets and property include:

• Income earned by either spouse during the marriage
• Real estate purchased after the wedding
• Retirement accounts contributed to during the marriage
• Debts incurred by either spouse during the marriage

Separate Property includes property obtained and assets acquired before the marriage or through inheritance of gifts specifically to one spouse. Examples of separate property include:

• Property owned by a spouse before getting married
• Inheritance received by one spouse, whether before or during the marriage
• Gifts received by one spouse from a third party

Separate property remains with the original owner upon divorce unless it has been commingled with marital property. Commingling occurs when separate property is mixed with marital property in a way that makes it indistinguishable. For instance, depositing inheritance money into joint marital bank accounts may convert it into marital property. Contributions from marital funds to improve separate property can also lead to the transmutation of that property into marital property.

The Divorce Equitable Distribution Process

The complicated process of equitable distribution begins with a full disclosure of each party’s assets, liabilities, and income, allowing for an accurate determination of the value of marital property and any potential marital debt to be divided. As an experienced family law attorney knows, full disclosure by both parties is critical for dividing assets fairly.

Next, the court will determine which assets and debts are considered marital property and how they should be divided based on the factors listed above. In many cases, negotiations between the attorneys or mediation can achieve a resolution. However, if an agreement cannot be reached, the case may go to trial where a judge will make a final decision on asset distribution.

1. Identification of Property: Cataloging all assets and liabilities.
2. Valuation of Assets: Determining the current value of property and debts.
3. Distribution of Property and Assets: Negotiating or litigating the division of property.

Unique Challenges in Equitable Distribution

Complex, High-Value Assets

Dealing with complex assets like businesses, investments, real estate, and retirement accounts requires a nuanced understanding of finance and law.

High Net-Worth Divorces

High net-worth divorces often involve intricate financial portfolios that necessitate a background in banking and finance for equitable resolution.

Debts and Liabilities

The court considers who incurred the debt and for what purpose. If incurred for the benefit of the marriage, such a mortgage or loans for family expenses, debts are typically shared. The earning capacity and financial situation of each spouse can influence who can better handle specific debts. Like assets, debts are divided equitably, meaning fairly, based on circumstances. In specific cases, the spouse taking on more debt might receive more in assets to balance the distribution.

Disputes and Contested Distribution

Disputes over asset distribution are often resolved through negotiation or litigation. Negotiation involves the spouses and their attorneys working together to reach a mutually agreeable settlement outside of court. Generally faster and less costly and adversarial, negotiation works well when both parties are willing to compromise and can communicate effectively to find common ground.

However, when negotiation fails, litigation becomes necessary, with a judge making the final decisions on distribution. Litigation is often unavoidable when the parties cannot agree or when one party is uncooperative or hiding assets. In both scenarios, the representation of skilled attorneys is crucial.

Nassau County Equitable Distribution

State laws govern equitable distribution in Nassau County. However, certain considerations may affect how Nassau County courts divide assets:

1. Marital residence: In Nassau County, where property values can be quite high, the marital residence is often a significant asset to be considered during equitable distribution. If one spouse wants to keep the home, they will need to buy out the other party’s share or offset it with other assets.
2. Business Interests: Many business owners reside in Nassau County and may have complex ownership structures for their companies. This can complicate equitable distribution as both parties may have financial interests in the business.
3. Lifestyle: Nassau County is known for its affluent residents and high cost of living. In some cases, one spouse may be accustomed to a certain lifestyle during the marriage that they cannot maintain without the other party’s financial support. This may be considered during asset distribution.
4. Legal representation: The court process in Nassau County can be complex and overwhelming, especially concerning equitable distribution. For this reason, the representation and guidance of an experienced divorce attorney is invaluable.
5. Mediation options: Many couples in Nassau County choose to resolve their divorce through mediation, which allows for more control over the division of assets instead of leaving it up to a judge. Mediation can lead to a more amicable and efficient resolution of property division.

Understanding the laws and unique considerations in your specific jurisdiction, such as Nassau County, is crucial when navigating through the divorce process. It’s important to seek out the advice of experienced family law attorneys who can help guide you through this challenging time and seek a favorable resolution. It is wise to have proper legal representation during an equitable distribution case in order to protect one’s rights and assets. Additionally, open communication and full disclosure between both parties can also lead to a more amicable experience in the short term and the long term.

Suffolk County Equitable Distribution

Since it’s part of an equitable distribution state, Suffolk County, New York also follows state laws. Similar to Nassau County, however, certain factors may arise when dividing assets and debts.

1. Length of marriage: In Suffolk County, the duration of the marriage is an important factor in equitable distribution. Generally, longer marriages tend to lead to a more equal division of assets.
2. Age and health of both parties: The age and health of each spouse can also impact asset distribution. For example, if one spouse has significant medical expenses, they may be awarded a larger portion of marital assets to cover those costs.
3. Presence of children: The presence of children can also affect equitable distribution in Suffolk County courts. The custodial parent may be awarded a larger share of assets in order to provide for the children’s needs.
4. Non-monetary contributions: In some cases, one spouse may have given up their career or made significant non-financial contributions during the marriage, such as raising children or supporting their partner’s career. These factors may be considered when dividing assets.
5. Mediation options: Like Nassau County, mediation is also an option in Suffolk County for couples who want more control over asset distribution. It can be especially beneficial when dealing with complex assets or high net-worth divorces.

Equitable distribution can have a significant impact on one’s financial future after divorce, making it essential to understand the laws and considerations in your specific jurisdiction. Seeking the guidance of experienced family law attorneys in Suffolk County can help promote a fair resolution for all parties involved. It is also important to address any potential discrepancies or hidden assets during the discovery phase, as full disclosure is crucial for a fair division of assets. With proper legal representation and open communication, couples can navigate through equitable distribution with less stress and conflict. It is crucial to have an understanding of the key considerations for equitable distribution in Suffolk County courts when going through a divorce case.

Manhattan Equitable Distribution

Equitable distribution in Manhattan also complies with New York state laws. However, as with Nassau County and Suffolk County, specific considerations may play a role when a couple seeks to divide property and assets:

1. Prenuptial agreements: Many couples in Manhattan have prenuptial agreements that outline how assets will be divided in case of a divorce. These agreements can greatly influence equitable distribution and should be considered during the process.
2. Standard of living: In Manhattan, where the cost of living is high, the standard of living enjoyed during the marriage may play a role in asset division. The court may consider maintaining a similar lifestyle for both parties after divorce.
3. Property ownership: If one spouse owned property before the marriage, it may be considered separate property and not subject to equitable distribution. However, any increase in value during the marriage may be divided.
4. Investments: Manhattan is known for its financial district and many couples may have investments that need to be divided during divorce. These assets can be complex and require careful consideration during equitable distribution.
5. Inheritance or gifts: While inheritances or gifts received by one spouse during the marriage are generally considered separate property, they may still affect asset division if commingled with marital assets.

Equitable distribution in Manhattan courts can be a complex process, especially when dealing with high-value assets and property. It’s important to seek out an experienced family law attorney.

Do I Need an Attorney to Guide Me Through Property Division and Fair Distribution in New York?

When contemplating the division of marital property in New York during divorce proceedings, hiring an experienced family law attorney with profound knowledge of divorce law and a commitment to zealous advocacy will protect your rights and help you divide marital property fairly. Your attorney can review the proposed distribution for compliance with state laws, considering the relevant factors that may apply to your unique case, including:

• Child support
• Significant assets
• Earning power
• Retirement plans

Your attorney can also help you distinguish between marital assets and non-marital property, and explain where equitable distribution applies.

Choose Hedayati Law Group to Seek Equitable Distribution of Property, Assets, and Debts in Nassau County, Suffolk County, & New York City

There are several reasons you should choose Hedayati Law Group to guide you through the property division processes in New York:

Experience in Banking and Finance

Our attorneys bring a wealth of knowledge in banking and finance, allowing us to tackle even the most complex asset portfolios effectively.

Proven Track Record

With over 150 years of combined, unmatched experience, we have a proven track record of helping our clients pursue favorable outcomes.

Personalized Approach

We tailor our strategies to meet the specific needs of each client, providing divorce solutions as unique as you are.

Comprehensive Support

From initial consultation through resolution, we provide comprehensive support and guidance every step of the way.

If you are pending your divorce decree and have concerns about the distribution of property in light of New York’s equal distribution laws, contact Hedayati Law Group today. Our experienced attorneys are ready to apply their knowledge and experience to your unique situation, tailoring lawful solutions with a focus on fairness. Call us now at (516) 334-4100(516) 334-4100 or complete our online form to schedule your complimentary consultation…and take the first step toward securing your future.

Hedayati Law Group, P.C. ~ We Fight for You with over 150 Years of Combined, Unmatched Experience