Dividing Assets in Long Island Divorce is Complex
As a Long Island, NY divorce attorney, I see that many couples contemplating divorce in Nassau and Suffolk have many difficult issues that must be sorted out including, equitable distribution of property, assets and debts, child support, and alimony, spousal support or spousal maintenance.
Owning a Business Makes Long Island Divorce More Complicated
When the divorcing couple owns a business, this often becomes the most difficult and most controversial marital asset, causing additional valuation and distribution issues to consider.
What is ‘Double-Dipping’?
In divorce cases on Long Island, attorneys refer to situations where one spouse receives double payment for a single asset as “Double Dipping” or “Double Counting”. These terms are also applied to pension funds as well as business interests.
Nassau & Suffolk Exclude Pension & Alimony
Generally speaking, during a divorce proceeding, Nassau County and Suffolk County Courts do not allow a spouse to receive both an equitable distribution of pension assets and alimony based on that same pension income. However, this is less clear when it is applied to business interests.
Different States, Different Laws
Depending on the state in which the divorcing spouses live and are seeking their divorce, when the non-monied spouse receives alimony or maintenance, some or all of the company’s goodwill may be excluded from the marital estate when dividing the assets.
No Double-Dipping in Nassau County or Suffolk County Courts
In New York, this issue became explained when the Court of Appeals in Grunfeld v. Grunfeld (94 N.Y.2d 696 ) recognized the inequity of double-counting income, at least when awarding spousal maintenance after the asset value of a license or degree has been divided. Therefore, in Nassau County and Suffolk County Courts, double dipping is not allowed.
Seek an Experienced Long Island Divorce Attorney
Dividing marital assets in a Long Island divorce can be very complex and requires an experienced divorce attorney familiar with the Nassau County and Suffolk County court system. The attorneys at Robert E. Hornberger, P.C., have received extensive training and have a great deal of experience in these areas and are ready to answer your questions. For a free private consultation about this or any other divorce matter, contact the experienced attorneys at Robert E. Hornberger, PC at 631-923-1910 or fill out the form on this page and we’ll get right back to you.