Divorce Settlement Long Island NY

Divorce Settlements

When you’re heading into a divorce settlement on Long Island NY, it’s natural to feel apprehensive and unsure of what’s going to happen and what your next steps should be. You’re in unfamiliar territory, which can be made harder if your spouse is being difficult or is unwilling to compromise.

You may be worried that you won’t get a fair divorce settlement and you’ll be left with little to nothing with which to start your new life. You may feel you’re going to lose it all; everything you’ve worked so hard to achieve in your adult life. It can be terrifying. Here’s what to know and how Hornberger Verbitsky P.C. can help allay those fears and protect your rights and assets.

What to Know Going Into a Divorce Settlement in NY

Before you begin settlement negotiations, it’s best if you can establish some basic rules of behavior during the negotiations. For example, you can establish that neither party belittles or uses derogatory language toward the other, or that voices will not be raised beyond normal speaking level. Set whatever guidelines you feel you need to feel comfortable discussing family legal matters, but also be aware that your ex-spouse can also establish their own rules going in.

Decide ahead of time what is most important to you. For example, if you have children, you may be unwilling to compromise on custody arrangements. However, you may be willing to accept less spousal support in exchange for something more valuable. Keep the things that are most important to you off the negotiation table if possible, but don’t be unwilling to compromise on anything — that tactic is rarely effective at producing a favorable divorce settlement.

Top Issues to Resolve in Your Divorce Settlement

There are many issues that will need to be resolved in your divorce settlement. The more assets and children you have, the more issues there are to get through. Here are some of the most important:

Property Division in a Divorce Settlement

You and your spouse have likely accumulated assets or debts during your marriage, you’ll need to determine the divorce property settlement agreement now that you are separating your lives. The first step is to have the value of your assets assessed so you can come to the table with accurate figures. This includes real estate, vehicles, furniture, jewelry, and other high-value personal possessions. If you have a prenuptial or postnuptial agreement in place, this helps guide the process.

Retirement Benefits from a Divorce Lawyer

Retirement benefits are generally considered marital property if they were accumulated during the marriage. Regardless of which spouse contributed, 401(k)s, IRAs, pensions, and other benefits are considered the property of both spouses. This includes any money that either person’s employer contributed.

Usually, couples who are negotiating a divorce agreement will split retirement benefits down the middle. However, you may be able to trade your portion of benefits for something else of value that you want more, such as their portion of the marital home. Almost everything is negotiable.

Business Assets

Businesses owned by either or both spouses are generally considered marital property unless the business was established prior to the marriage. In the latter case, the business itself wouldn’t be considered joint property but any revenue that was generated during the marriage would.

It’s important to take into account each spouse’s contributions to the company, including the efforts of the spouse staying at home or caring for children so the other can run the business. It’s helpful to have your business valued by a professional to determine how much the asset is worth and how much of it rightfully belongs to you.

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Liquid Assets with Equitable Distribution

Liquid assets are essentially the money you have in your checking and savings accounts, as well as any cash that you keep on hand. You may also want to include any financial instruments like CDs or bonds that can be easily transferable to cash. This is typically the last asset to be divided since both spouses may be dipping into these resources to cover basic expenses throughout the divorce.

How you should divide your liquid assets depends on several factors, like:

• How much each spouse contributed to those accounts
• How much each spouse earns or is expected to earn
• The financial obligations of each spouse and the debts they owe
• Whether or not one or both spouses will have to obtain new housing
• If you have kids, which parent will have primary custody
• Whether one spouse is receiving alimony from the other