Experienced divorce lawyers can help to determine equitable distribution.
Equitable distribution does not always mean each spouse receives an equal share of the assets. Our experienced attorneys will work to tailor a settlement that fits your needs.
At Tabat, Cohen, Blum & Yovino, PC, our Long Island divorce attorneys leverage 170 years of combined experience to examine your finances and the factors of your marriage pertinent to asset division determinations, such as:
Marital property vs. separate property
Not all property a husband and wife share is subject to division. Assets owned prior to marriage are typically considered separate property. For example, engagement rings, because they are given prior to the marriage, are considered separate property and are not subject to property division. Some assets acquired during marriage, such as inheritances and gifts from third parties, may also be considered separate properties.
Property acquired during the marriage is marital property and subject to equitable distribution. This includes everything from wedding gifts, income, bonuses, real estate, vehicles and investments made throughout the marriage.
Complex asset division in Long Island
New York law includes consideration for enhanced earning capacity, which refers to any licenses, education, training or certifications that stand to bolster a person’s income. Evaluating the potential future earning capacity involves dividing all kinds of benefits — including retirement funds, pensions, stock options and hedge fund shares — as well as valuing businesses and dividing them accordingly. Equitable distribution also includes dividing debt repayments between spouses, including:
The level of service we provide regarding complex asset distribution often involves the expertise of forensic accountants, who dig into all assets and debts. We use the information they discover to create an equitable distribution compromise that may allow you to retain the property you most want to keep and to protect your interests for the road ahead.
Protect yourself with our lawyers in Nassau & Suffolk Counties
From our offices in Garden City, Nassau County and in Hauppauge, Suffolk County, Tabat, Cohen, Blum & Yovino, PC represents clients throughout Long Island in family legal issues. Call our Long Island divorce lawyers in Garden City or in Hauppauge, or contact us online to schedule your initial consultation.