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 read about Lois’ unusual divorce method in one of her blog posts. It was refreshing to see someone was working with the psychological issues in divorce. My husband is bipolar and getting him to agree to a divorce and commit to the process was tough. When we met with Lois she really understood him. She immediately identified his mental health issues, and because she has a psych background, she was empathetic to his needs and was skillful at guiding him through her divorce mediation process. It took a while but she really got us to a point where we could actually discuss things without my husband blowing up. Her method is unique and it really helped in our situation. She actually recommended a great psychiatrist who changed my husband’s meds at her urging (she has a medical degree too), and my husband is coping much better. We can’t thank her enough for her compassion and advice! If you need a divorce attorney, especially if mental illness is a part of the fabric of your marriage, go see Lois! Thanks Lois - Lorna P.
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Connecting with Lois was the best thing that could have happened during what has been very difficult and fraught divorce. Lois took on my case with knowledge, wisdom and care that have been above and beyond in every way. She recognized abusive and unstable behavior in my ex-husband, and offered both strong legal guidance, as well as personal encouragement and strength to stand up to him. Her support has been invaluable to me, and I am so deeply grateful for everything she has done in helping forge a better more stable future for me and for my son.- SC
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Amazing, Skillful Mediator!!!! We went to see Lois Brenner for a mediation consultation. We had pretty much decided our marriage was over. We just wanted to end things fair and amicably. Lois Brenner spent so much time with us, and gave us great insight as to how the process would help us, we hired her on the spot. Our sessions thereafter were stealth. She organized us, helped us identify and address all the issues. She showed us how to communicate effectively throughout the process. We were able to address all our issues, especially property and finances, arrive at a comfortable settlement agreement, and now we are waiting for the judge to sign our divorce. What an extraordinary process. I highly recommend Lois Brenner and mediation. She’s super, and mediation really works.- Maggie and Josh
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I am a highly successful money manager and before meeting Lois Brenner, hiring a divorce attorney was a disaster. Two previous divorce attorneys really wasted my funds, and had no savvy when it came to asset and property distribution. Lois Brenner finally fixed the mess I was in. She and her team of financial experts, including attorney Matthew Ehrlich were able to prepare an asset and property distribution that was realistic, keeping in mind tax ramifications, and important distributions and allocations. They negotiated a thorough and financially sound divorce settlement. If you have a lot of assets, just any divorce attorney won’t do. You really need someone with a lot of knowledge. Lois Brenner and Matthew Ehrlich were really impressive. Thanks!!- Michael C.
