What to Know About Inheritance and Divorce in NY

1. In New York, if you inherit something, it should be just yours even if you get divorced. But, if you mix it with things you and your spouse own together or buy something together with it, it might have to be shared.
2. Agreeing before or after you marry can protect your inheritance. It makes it clear what happens to it if you separate.
3. It’s important to have a plan for your inheritance. This decides if it stays yours alone or if it needs to be shared with your spouse.
4. If you talk to an experienced divorce lawyer in New York, they can show you how to keep your inheritance safe if you divorce.

Inheritance and Divorce in New York

When you’re going through a divorce on Long Island, NY, you need to know the difference between things you and your partner own together and things that are just yours. This is very important when it comes to things you’ve inherited. It’s crucial to understand what New York family law says about inherited items if you’re divorcing. It can be tricky to divide everything up fairly and make sure you keep your personal property safe. You should get advice from an experienced lawyer who really knows about divorces and family law. They can help you hold on to your inherited possessions in the case of divorce in Nassau County or Suffolk County. This guide aims to explain what happens to inherited things when you’re dividing up property in a divorce in New York. If you are going through a divorce in New York state and have questions about inheritance and property division, you would be wise to reach out to an experienced Long Island family law firm for guidance. You can contact us today by filling out our online form below or by calling 631-923-1910 to schedule a free consultation and case evaluation. Our team is committed to helping you navigate the legal process and achieve the best possible outcome for your case.

The Difference Between Marital Property and Personal Property in New York

In New York, it’s important to know the difference between things a married couple owns together (marital property) and items owned by just one person (personal property), especially during a divorce. Stuff bought together needs to be split fairly in the case of divorce. However, things one person owned before getting married, along with gifts and inherited items, typically aren’t divided, as they are considered individual property. Knowing how New York state law deals with this is key to dividing everything the right way.

Defining Marital Property in New York Divorces

Under New York’s equitable distribution laws, when folks split up, the things they picked up during their marriage are split up “equitably” (not necessarily “equally”). This often includes cash, homes, and things they bought together. Understanding which things count as property they got while married is crucial so everyone gets an equitable part. Here’s what normally needs to be divided:

• Money earned
• Homes and land
• Items bought together

It’s key to get the New York rules right so the split is fair.

When Does an Inheritance Become Marital Property?

In New York, when someone gets an inheritance, the law sees it as theirs alone. This is known as “separate property”. They don’t have to share it if it’s meant for just them. However, if this hand-me-down money or property gets mixed with funds belonging to both partners or it’s used for both of them, it might end up being shared, or “marital property”. This is when an inheritance becomes marital property instead of separate property. For those getting a divorce, it’s key to grasp this. You should know how to hold onto your inheritance instead of splitting it with your ex.

The Impact of Inheritance Received Before Marriage

1. In case of divorce, it’s a smart idea to keep your cash and personal items separate from your marital property.
2. If you ever get divorced, assets you had before you got married typically stay yours alone.
3. If these personal assets get mixed with your spouse’s assets they become marital property subject to equitable distribution rules in New York.

Keeping Stuff You Got Before Marriage as Your Own Property

In New York, if you want to make sure the money or belongings you had before getting married stay yours in case of a divorce, it’s crucial to keep accurate records. Keep these items separate from what you and your spouse have together. The money you inherit should go into its own bank account, not the one you share with your spouse. It’s a smart move to talk to a lawyer who understands New York state’s rules about inheritance and jointly owned property. An experienced divorce attorney can guide you on how to ensure your inherited money remains yours if you split up. By following these steps, you’ll have an easier time proving that your inherited money and property, should a divorce occur.

Inheritance Acquired During the Marriage

When you receive an inheritance while married, dealing with it during a divorce can be tough. It’s crucial to figure out if the money is only yours or if it’s considered shared with your spouse, especially if the inheritance includes real estate. These types of assets are normally viewed as belonging just to you, but can become marital property if it is mixed with shared funds. This can make the division of assets more complex and contentious in the case of divorce. It’s smart to get help from a lawyer who has a lot of knowledge in this area. They can help explain the rules about how to divide things in a fair way, taking into account any inherited assets. How inherited money, including real estate, affects dividing property can vary, so it’s important to keep track of it well and really know the laws applicable in Nassau County Supreme Court or Suffolk County Supreme Court.

What Determines if Property is Split or Just Yours in a Marriage?

In New York, if inheritance is viewed as shared or private property depends on several factors:

1. If the inheritance came before or during the marriage.
2. How the inheritance money was handled (in separate or shared accounts).
3. Whether the inheritance money was combined with the couple’s common funds.
4. Keys points also cover the reason for the inheritance and any documents indicating it should be kept private.

Understanding these factors is crucial when deciding how to split assets in a divorce.

When Does a Married Couple Share Ownership of a Property

When you own stuff by yourself (separate property), under certain conditions it can end up being owned with your partner (marital property). This often takes place if you mix the inheritance you received from someone who passed away with the money in a bank that you both use. It’s then hard to separate your inheritance from what you both share, especially if it is a family home, leading to potential disputes during property division. Also, if you spend your own money from an inheritance to buy something big together, like a house, while you’re married, this can happen as well. Without proper legal help and documentation, your inheritance might be considered as marital property. If you two decide to split up, this might have to be divided equitably between you. It’s very important to be aware of this if you want to protect your inheritance.

When Does an Inheritance Become Marital Property?

Not putting your inheritance in a different account is a common mistake of people who want to keep their inheritance as separate, not marital, property. This mistake can make the inheritance appear to belong to both partners. Another potential mistake is using inherited money on shared purchases without keeping track of it. If you can’t show where the inherited money originated during a divorce, it might be treated as owned by both partners. It’s key to keep inherited money apart from shared money to prevent mixing them up accidentally. Being aware of these issues can help save your inheritance in case of a divorce.

How Mixing Plays a Role in Figuring Out if an Inheritance is Property to Be Shared

Putting money together can really matter when it comes to deciding if something one partner got as an inheritance ends up belonging to both partners in the marriage. When money from an inheritance gets combined with the couple’s joint funds, such as in a joint bank or investment account, it’s hard to tell which is which. For instance, if someone adds money they inherited into a joint bank account shared with their spouse, things can get confused. This blurring of lines makes it difficult to figure out who owns what, potentially transforming the inheritance into community property and belonging to both partners as part of the marital estate. Because of this, it’s important to be aware of the potential consequences and try not to mix your inheritance money with shared money, especially if there’s a chance of splitting up later.

Examples of Commingling Inheritance Assets and Its Implications in Divorce

Mixing inheritance money gets tricky when you add it to a joint bank account or spend it on shared things like a house. For example, if you use this money to improve a shared house, it will be difficult figure out whose money is whose. This can cause problems if you ever get divorced, because some of the inheritance might be seen as money that belongs to both of you. That could mean it gets split up between the two of you in the case of divorce. To keep this from happening, it’s very important to understand how inheritance funds are handled in a marriage, including the concept of commingling and its implications on the classification of separate property and marital property. Knowing what to do can help keep the money you get as an inheriting spouse safe from equitable distribution in case of divorce.

How To Keep Your Inheritance Personal and Not Marital Property

One simple trick to ensure that the money you inherit remains separate from your spouse’s shared funds is to keep it in a separate bank account. Just use a special account for money that you inherit and make sure to keep it in your own separate account. This keeps it easy to identify apart from the joint money with your spouse. Also, creating a deal either before or after marriage, stating the money is only yours, can protect it. It’s very important to chat with a lawyer skilled in family law matters. They can guide you in properly caring for your inherited money, especially during discussions on dividing property in case of divorce.

Here are a few ways to keep your inheritance personal, and not marital, property

• It’s key to have good records and put your inherited money in a separate place. This keeps your money secure.
• Using things like trusts can also protect your inherited money in case of a divorce.
• Keeping your inherited money separate from your shared money with your spouse shows it’s only yours.
• Speaking to a divorce lawyer with a lot of knowledge can help you discover the best strategy to protect your inheritance in a divorce.
• Understanding New York state’s laws and making sure it’s known that the inheritance is yours will help keep your inherited money secure in a divorce.

Legal Instruments to Safeguard Inheritance

Prenuptial Agreements and Postnuptial Agreements can help keep your inheritance safe.

1. A smart move to protect your inheritance is to create a strong prenuptial agreement before you tie the knot. This involves outlining how things like inherited cash will be divided. It ensures your belongings stay yours.
2. Another option is to draft an agreement after you’re married, known as a postnuptial agreement. It serves the same purpose by keeping your inheritance separate from your shared assets with your partner. This is crucial in case of a divorce, as it helps ensure your inheritance remains yours.

Keeping good records and making sure things are kept apart is key to protect inherited money in case of a divorce. It’s smart to use different accounts for inherited money, houses, or anything else to prove they are yours alone. Taking notes and making it clear you want your inherited things to stay away from joint money shows you’re serious about keeping them apart. This helps in making sure things are fair if you have to divide things up.

How Getting Inherited Money Can Affect Support Payments

When people split up, the money one partner received from someone who died can impact how much they need to give to their ex or kids. Courts might consider this money when deciding who gets what. If the court finds it significant, having this extra cash could lead to higher payments. It’s crucial to speak to a lawyer to understand how this money could influence the situation. This helps ensure you’re dealt with justly in the divorce.

How to Protect Inheritance from Child Support and Spousal Support

When two people split up, the cash one got as a hand-me-down from family might change how much they need to pay for kid and partner support. If you want to keep this money from coming into play for child support or spousal support payments, you’ll need wise planning and an experienced lawyer’s advice. It’s key to keep this cash apart and well-recorded to prevent it from getting mixed in with the rest of your assets during the split. It’s wise to understand how this money can shift the support cost to protect your rights to it.

Here are a few suggestions on how to protect your inheritance from child support and spousal support (alimony) calculations:

• Consider using a trust to keep inheritance money safe when you’re dealing with alimony or child support. Creating a trust ensures the inheritance is kept separate.
• It’s smart to ask a lawyer for help to make sure you create the trust correctly. Make sure to note down everything about the inheritance and keep it in a different bank account. This keeps it away from any shared money.
• Keeping detailed records and having everything in order proves the inheritance is only yours in case of a divorce. With proper paperwork and a trust, your inheritance won’t be included in discussions about money support after marriage.

Before and After Wedding Plans: How to Save Your Family’s Money

Dealing with the tough task of splitting up stuff when a marriage ends can be difficult. But, by having agreements both before getting married (a prenup) and after (a postnup), you can keep your inherited money safe. These documents should spell out what will happen with money you get from an inheritance, helping you keep your things to yourself in case you part ways. It’s key to fully know what these agreements mean and to seek legal advice to ensure they do their job. This way, the money from an inheritance stays yours alone and doesn’t mix with assets you share with your spouse. Obtaining a prenuptial agreement, which can explicitly outline the inheritance as separate property and protect it in case of divorce, is a crucial step in preserving your family’s money.

How Marriage Contracts Can Protect Inheritances

When you’re planning marriage documents, think about how to handle inherited cash. It’s important to be clear if you want to keep this cash separate or together. You need to explain what happens to it if you part ways or if one of you dies. Getting advice from a lawyer who’s experienced with New York family law and who understands inheritance law is important. They can help make sure your documents are right by the state rules and protect your money.

Marriage agreements, also known as prenuptial or postnuptial agreements, are great for protecting inherited money or property during a divorce. They should ensure everyone knows that any inheritance belongs to just one person, and, should the couple split up, the law won’t divide it between them. Having a good lawyer who understands divorce law can really help ensure you’re protected. An experienced divorce lawyer should make sure that if you get an inheritance, you can keep it, even in the event of a divorce.

We Can Protect Your Inheritance In Case of Divorce

When it comes to figuring out who gets what from an inheritance on Long Island, New York, it’s all about understanding the state’s rules. To keep your inherited items safe, you should:

• Put them in your own accounts.
• Make sure you have the right paperwork.
• Consider making an agreement with your partner.

Making wise decisions is key to protecting your belongings. It’s really important to talk to a lawyer who has a great deal of experience in New York divorce and family law. They can help ensure you fairly keep what’s yours if you ever have to divide things because of a divorce.

The experienced team of professionals in divorce and family law at Hornberger Verbitsky, P.C. can protect your inheritance when you go through a divorce. Give us a call at 631-923-1910 or use the short form below to schedule your free consultation and case evaluation.

~Cusumano “Family Email”

FREQUENTLY ASKED QUESTIONS

Is My Spouse Entitled to My Inheritance When We Get Divorced?

In New York, if you get married, you have to follow some rules about how to share stuff you got after you got married. This is known as equitable distribution. Even things you get from an inheritance, which are usually just yours, can become shared if you mix them with other things you both own. However, New York’s equitable distribution laws treat inheritances as separate property, meaning they are not subject to division in a divorce. Knowing this is key to keeping your inheritance safe if you ever get a divorce. How you use the inheritance and your plans for it can make a difference. Keeping track of what you have and having the right legal documents can keep your inheritance safe.

When Does An Inheritance Become Marital Property?

In New York, when you mix inheritance money with marital property or spend it for the family’s benefit, it can become property that both spouses own. It’s really important to know when this change takes place, especially when sorting out things like divorce.

How Do I Protect Inheritance from Divorce?

To keep your inheritance to yourself, do these things:

1. Maintain transparent records.
2. Start a new bank account for the money you receive as an inheritance.
3. Keep this money separate from what you share with your partner.
4. Guard your inheritance with care.

Having written deals, like one you make before getting married, is really important to keep your inherited money apart.

Is Inheritance Marital Property?

When you divorce, property you got on your own after someone died is often yours alone. But if It gets mixed or used in ways you both benefit, it may be considered shared. It’s important to understand how stuff left to you is treated in a divorce.

Can an Ex Claim Money You Got After the Divorce?

In New York, if you get something as an inheritance after a divorce, it often isn’t considered to belong to both you and your ex. Your ex can’t take it unless a court decides or you both agreed about it beforehand. To protect your belongings after you part ways, it’s important to have the correct legal documents.

How Can I Keep My Inheritance Just for Me?

To keep your inheritance safe and make it all yours:

1. Write down where it originated.
2. Store it in a separate place, not with the cash you have with your partner.
3. Avoid blending it with shared revenues or assets.
4. Consider a prenup or postnup to protect it.

Writing things down and keeping them separate is key to making sure they stay yours.

Key Highlights of this Article on Marital Property in NY

When it comes to splitting up stuff in a divorce, knowing the rules is super important in New York, where the courts use a principle known as equitable distribution.

• In New York equitable distribution, things are divided fairly but not always 50/50.
• Items you accumulate while you are married, like houses, cars, money saved up or businesses, all counts as marital property.
• On the flip side, separate property is what you had before getting married or if someone gave you something just for yourself or left it for you when they passed away.
• Figuring out how much everything’s worth and deciding who gets what can lead to arguments. Sometimes there’s also trouble when one person tries to say that the other “stuff” should be shared too.

An experienced divorce lawyer who knows all about family law can really help sort through these issues and make sure everyone ends up with their fair share.

Introduction to Marital Property in Divorce in NY

Going through a divorce is tough and full of emotions, especially when it comes to splitting up assets and property that was owned together. In New York, the rules about how to divide these things aren’t like in other places where everything may be just split down the middle. Instead, they use what’s called an equitable distribution state, which means they try to split things up fairly by looking at different factors, including the well-being of any pets involved. While New York does not go as far as Alaska in considering pets as personal property, the Empire State has adopted a “best for all concerned” standard to determine ownership and custody of animals involved in divorce cases. Additionally, New York recognizes community property ownership rights and laws, meaning that both spouses have equal ownership of all property acquired during the marriage. This includes assets such as real estate, income, and investments.

In New York, figuring out who gets what can be really complicated because of these special rules. That’s why having an experienced family law attorney can make a big difference. A good Long Island, NY divorce lawyer understands these laws and can help explain which items are considered marital property (stuff owned together) versus separate property (stuff you had before marriage or got as a gift). Your attorney is there to stand up for your side and work hard to ensure you get a fair share according to New York’s idea of equitable distribution.

With an experienced attorney’s help, navigating through this tricky part of divorce becomes less daunting.

Understanding Marital Property in New York Divorces

In New York, when couples go through a divorce, how they split their assets and debts depends on two types of “property”: things they got together during the marriage and things one of them had before getting married or that they received as gifts or an inheritance. New York’s equitable distribution means that everything is divided in a way that’s fair but not necessarily equal, looking at what each person contributed and how long they were married for. Understanding the concept of marital property distribution, including retirement plans, is the first step in the equitable distribution process in a New York divorce. It is important to differentiate between marital property and separate property (assets owned before marriage or given to one person) in order to determine a fair distribution of assets and debts.

Defining Marital Property vs. Separate Property

Marital property is all about the assets that both spouses acquire or earn while they’re married. This includes money made during the marriage, things bought by either spouse, retirement accounts set up while married, bank accounts and investments grown during their time together, and any personal items turned into shared ones. This also includes personal property, such as cars, boats, airplanes, furniture, and artwork, that was acquired during the marriage, unless otherwise stated in a prenuptial agreement. It is important to note that even if an asset is under one spouse’s name, if it was obtained during the marriage, it is likely considered marital property and subject to equitable distribution. This includes retirement funds, such as pensions, 401(k)s, and IRAs.

Separate property, on the other hand, is that which each person owns on their own and doesn’t have to split if they decide to go their separate ways through a divorce or separation. It’s property or assets one of them had before getting married, anything inherited or given as a gift just to them, compensation for personal injuries received by one spouse only; it also covers things swapped for other personal belongings and how much these individual belongings increase in value over time.

In New York, understanding this difference between marital property (stuff you share) and separate property (stuff you don’t) really matters when it comes down to fairly dividing everything after deciding not be together anymore. It’s key in figuring out who gets what without making it unfair for anyone involved.

The Significance of New York’s Equitable Distribution Laws

In New York, when couples go through a divorce, the way they split up their stuff is pretty unique. Instead of just cutting everything in half like some places do, New York uses what’s called equitable distribution to make sure everyone gets a fair share based on what they need and what they’ve put into the marriage. This means looking at how long you were married, how much money each person made or spent during that time, how old and healthy both people are, and, if they have children, if one parent needs to stay in the family home with them. Additionally, New York’s equitable distribution laws ensure that the division of assets is fair and just, taking into account various factors such as the length of the marriage, the financial contributions of each spouse, and the need for equitable distribution of property for the divorcing couple. This ensures that both parties receive an equitable, if not equal, division of assets during the divorce process.

The whole point of this system is not about splitting things down the middle but making sure that whatever decision is made feels right for everyone involved given their specific situation. So while it might not always mean getting exactly half of everything for both sides in terms of marital property or other assets from the marriage; it’s all about fairness. With factors like who took care of kids as a custodial parent playing into decisions too — every case can end up looking quite different depending on those details.

Common Challenges with Dividing Marital Property During Divorce

When couples decide to part ways, figuring out who gets what can get pretty tricky. A big headache often comes from trying to agree on the worth of things like houses, businesses, and money saved or invested. It becomes even tougher when both people don’t see eye-to-eye.

On top of that, there’s the issue with things one person owned before they got married but then used for both during the marriage. Think about using your own cash stash to help buy a car that ends up in both names. Figuring out if this kind of thing has turned into something owned by both partners isn’t easy, especially when it comes to dividing debts such as credit card debts and child support payments.

To deal with these issues without too much drama, it helps to have someone who knows all about family law by your side. An experienced divorce and family law firm can make sure everything is split fairly when ending the marriage while dealing with marital property, separate property, real estate.

Disputes over Property Value and Asset Division

When a couple gets divorced, they often argue about how much their stuff is worth and who gets what. Here’s what you need to know:

• Figuring out the value of things like houses, businesses, and money saved or invested can cause a lot of arguments during a divorce. It’s really important to figure out these values correctly so everything can be split fairly.
• Splitting up assets isn’t always easy because sometimes both people want the same things or can’t agree on what belongs to whom. There might be confusion over which belongings are shared between them (marital property) and how to divide them properly.
• In New York, when it comes time to divide everything up, the rule is that it should be done in a fair way but not necessarily by splitting everything 50/50. This idea of fairness doesn’t always match up for everyone involved which could lead to more disagreements.
• Every divorce situation is different based on lots of factors like how long two people were married, how much money each person brought into the marriage or earned while together, and what each person needs moving forward.

To deal with fights over who owns what and how much it’s all worth requires someone skilled and experienced in family law—a lawyer who knows about this kind of thing—to help make sure everyone ends up with a fair share according to their specific circumstances.

Transforming Separate Property into Marital Property

In some cases, stuff that was owned by just one person before they got married, or separate property, can turn into something that both people in the marriage have a right to, or marital property. This usually happens when this personal item is used for things that help out the marriage or if it gets mixed up with things that already belong to both people in the marriage. When we talk about mixing property together, we mean putting personal and shared items so close together you can’t tell them apart anymore.

In New York, there’s a rule saying private property doesn’t get split up if two people decide to go their separate ways. However, if this private property has turned into shared property because it helped out the marriage or got all mixed up with other shared items, then it needs to be divided fairly between both parties. It’s pretty tricky turning private assets into shared assets; you need lots of paperwork and someone smart in New York state law to look over everything. This is where a prenuptial agreement or postnuptial agreement can be advantageous in protecting your separate property from being considered part of the marital estate.

For folks going through this kind of situation during a divorce in New York, getting advice from an attorney who has experience in all aspects of family law can really make things easier. These lawyers are good at figuring out how everything should be split so everyone feels like they’ve been treated fairly.

How Our Services Help Navigate Marital Property Issues

Going through a divorce and figuring out who gets what can be really tough and full of emotions. That’s where having an experienced family law attorney is critical because they can:

• Give legal advice: With their knowledge, an experienced family law attorney make sure you understand all your rights and choices when it comes to splitting up things you owned together.
• Splitting assets: A knowledgeable family law attorney is there to guide you through sharing everything fairly, taking into account the unique details of your situation.
• Standing up for your rights: They’ll make sure people understand what you want and fight to protect your interests during the whole process.

With an experienced divorce lawyer by your side, dealing with marital property issues becomes less daunting, aiming for the best result in this challenging time of divorce.

Comprehensive Evaluation of Marital Assets

To make sure things are split fairly when a couple decides to part ways, it’s really important to take a close look at everything they own together. Here’s how you do it:

• First off, figure out what you both own. This means taking stock of everything from the house and savings accounts to businesses and property like cars or furniture that were purchased during the marriage.
• Next up is putting a price tag on these items. To find out how much each asset is worth, you might need someone to appraise your property or look through financial records.
• Then, think about what each person has put into the relationship — not just money but also other kinds of support that helped build those assets.
• Don’t forget about taxes! When splitting things up, some choices might affect your taxes differently.

Getting this full picture helps ensure everyone walks away with their fair share after a divorce. An experienced family law attorney can be super helpful in guiding people through this process so they reach an outcome that feels right for them in their divorce proceedings.

Strategic Negotiation for Equitable Distribution

When going through a divorce, figuring out how to split up stuff fairly is super important. Here’s what you need to keep in mind:

• Getting the lowdown on laws: An experienced family law attorney knows all about New York’s rules for fair division of property and can help their clients understand their rights and choices.
• Figuring out what matters most: Everyone values different things differently when it comes to dividing up belongings. With an experienced lawyer’s guidance, clients can pinpoint what they really want and aim for that in negotiations.
• Making an agreement: Smart negotiating means coming up with an agreement that considers everyone’s top wants and tries to divide things equitably.
• Trying divorce mediation or other alternate dispute resolution methods like collaborative divorce can help. Sometimes, sitting down with a mediator or collaborator helps people agree without too much fuss.

With a savvy family law attorney by your side who’s good at negotiating, navigating the tricky waters of dividing assets during a divorce becomes easier, aiming for an outcome that protects your rights and assets.

Proven Process for Handling Marital Property Division

When it comes to splitting up stuff after a marriage ends, there’s a tried-and-true way to make sure everything is divided fairly. Here are the main steps involved:

• The first thing you do is figure out what belongs to who and whether it was yours together or separately. This includes both things you own and money you owe.
• Next, for each item that needs dividing, its value has got to be figured out so everyone knows what they’re dealing with.
• With all this info in hand, rules about fair sharing come into play. These take into account how much money each person brought in and how long the marriage lasted among other factors.
• Then there’s deciding what happens with the house where you lived together. Sometimes one person can buy the other out; other times selling it might be best.

By sticking to these guidelines and getting help from someone who knows family law inside-out, folks can get through dividing their shared property without too much hassle or unfairness.

Identifying and Classifying Assets and Debts

When it comes to splitting up stuff after a marriage ends, figuring out what belongs to who and any debts is super important. Here’s the lowdown:

• Asset division: First off, you’ve got to list everything you both got while married like houses, money in the bank, businesses, and even your personal things. Then decide how much each thing is worth and if it was something you had together or if it belonged just to one of you before getting married.
• Classification of property: Stuff gets tagged as either marital or separate based on when and how you got them. This tag helps figure out if they need to be split up.
• Debts: Just like with assets, any debt racked up during the time together needs sorting too. Debts shared are for both to deal with; debts that were there before are not.
• Marital property vs Separate property: Anything picked up during being together counts as marital stuff whereas anything one person had before tying the knot or received specifically as a gift or inheritance stays theirs alone.

By taking care through this process of identifying and classifying everything correctly regarding real estate, personal items among others related directly back into their respective categories within martial versus separate properties ensures everyone walks away fairly once all said done concerning division following dissolution thereof partnership formed by marriage.

Applying New York’s Equitable Distribution Principles

In New York, when couples decide to go their separate ways, there’s a system in place called equitable distribution that helps split up what they own. It doesn’t mean everything is cut right down the middle; instead, it aims for what’s fair based on several things.

• At the heart of this process is equitable distribution itself. This idea focuses on dividing stuff between partners in a way that’s just but not always 50/50.
• When deciding how to divide things fairly, many factors come into play. These include how much money each person brought into the marriage, how long they were together, both people’s age and health status, and if one parent needs to stay in the family home with kids.
• As part of getting divorced,divorce process, figuring out who gets what happens during legal proceedings. That’s why having a good lawyer who knows all about family law can really make a difference by making sure you’re treated fairly according to New York law.

So basically,new york,equitable division,family law attorney,custodial parent, through these rules known as equitable distribution principles,new york,equitable division,family law attorney,custodial parent , folks going through divorce in New York aim for an outcome where everyone feels like things are divided up rightly.division of property

Why Choose Us for Your Marital Property Division Needs

When it comes to splitting up stuff between partners during a divorce, picking the right lawyer who knows all about family law is super important. Here’s how Hornberger Verbitsky, P.C. can help:

• With our firm, you get an experienced family law team: Our team is packed with lawyers who know their way around marital property cases like the back of their hand.
• We’re pros at divorce cases: Divorce can be tricky, especially when it comes to dividing things fairly. That’s our specialty, and we’ve got decades of experience guiding people through it.
• Every story is different: We understand that no two divorces are the same. We ensure sure our plan fits just right for what you need.
• Fairness in dividing stuff: Over time, we’ve become excellent at ensuring our clients gets their fair share of whatever property and assets were owned together.

Choosing Hornberger Verbitsky, P.C. means putting your trust in an experienced divorce and family law firm that will look after your needs carefully and skillfully when dealing with marital property division and all other aspects of your divorce.

Expertise in Long Island, New York Divorce Laws

Going through a divorce is emotionally and financially difficult, and it can be even trickier in New York because of its unique rules. That’s why getting help from an experienced family law attorney who knows all about New York divorce laws is critical to protect your rights and assets. Our attorneys have the expertise to offer you the legal advice that’ll guide you right during the whole process of your divorce proceedings. Schedule a free initial consultation today by calling 631-923-1910 or filling out the short form below.

Successful Case Studies and Client Testimonials

When picking a family law attorney for your divorce case, it’s key to look at how well they’ve done in the past. Search for lawyers who are known for getting good outcomes in divorce settlements. By checking out what other clients have said and looking into their successful cases, including particular case studies and client testimonials, you can get an idea of their skills and if they’re right for your situation. Listening to stories from people who’ve been through the divorce process themselves can also give you useful tips and help you decide wisely.

Demonstrated Success in Marital Property Division

In the realm of splitting up marital property during a divorce case, it’s crucial to pick an attorney known for their winning streak. With a law firm that has consistently secured good deals in property division for those they represent, you’re on solid ground. A track record of happy clients is something you shouldn’t overlook when making your choice. By opting for an attorney skilled in handling cases of marital property with demonstrated success, including negotiating spousal support, you can trust them to fight for what’s fair and look out for your best interests.

Case Study: Achieving Fair Asset Distribution

In a recent divorce case handled by our firm, we were able to achieve a fair asset distribution for our client. The couple had been married for 15 years and had accumulated significant assets, including a marital home, retirement accounts, and investment properties. Using the principles of equitable distribution, we analyzed the various factors involved, such as each spouse’s financial contributions, the length of the marriage, and the needs of the custodial parent. After careful consideration, we presented a proposed division of assets to the court, which was accepted and resulted in a fair distribution of property in the given legal matter. This case study highlights the importance of working with an experienced attorney who understands the nuances of equitable division and can advocate for your interests.

Client Testimonials: Real Stories of Satisfaction

Don’t just listen to us – take it from our happy clients who’ve been through the divorce process and seen firsthand how we handle marital property division. They’ve told their stories, highlighting how we helped them navigate through the tricky parts of divorce and made sure they got a fair deal. These true accounts shine a light on our methods and the satisfaction we aim for with every client. By checking out our Google Reviews, you’ll get a clearer picture of what it’s like to work with us and the successful results we deliver during the divorce process.

Dividing Marital Property & Personal Property is Important Divorce Issue

When you’re going through a divorce in New York, figuring out who gets what can be pretty tricky. It’s critical to know the difference between stuff you owned together and things that were just yours or your partner’s before tying the knot. This is all because of how New York handles dividing up property when couples split. Our experienced team has a wealth of experience making sure everything is divided fairly. We have developed solid solid plans for finding all the assets, deciding how to split them up properly, and helping our clients navigate through any disagreements about their property and assets. If you need help with sorting out marital property during your divorce, we’re here for you with years of experience in New York’s rules and a history of happy clients behind us. Contact us for a free consultation and case evaluation. It could really make a difference in getting your finances sorted during your divorce .

~Elizabeth Martin

Frequently Asked Questions

What constitutes marital property in New York?

In New York, when two people are married, anything they buy or acquire while they’re together and before they decide to separate or start divorce proceedings counts as marital property. This includes things like houses and land (real estate), cars, money matters, and things you can touch (like furniture), parts of a business one might own, and even presents spouses give each other during the marriage.

How is property divided in a New York divorce?

When a couple goes through a divorce in New York state, the way their property and assets are divided is by something called equitable distribution. This means that the court looks at different things like how much money each person brought into the marriage, how long they were married for, and what the parent who takes care of the children needs to make sure everyone ends up with a fair share of everything.

How does separate property become marital property in New York?

In New York, there are ways that something you own by yourself (separate property) can end up being seen as something owned together with your spouse (marital property). This is how separate property becomes marital property in New York. This can happen through two main methods: transmutation and commingling. With transmutation, what was once just yours legally becomes shared between you and your partner. On the other hand, commingling is when both personal and shared assets get mixed up together.

What should I do if I suspect hidden assets during my divorce?

When going through a divorce and you think your spouse may be hiding assets, it’s really important to talk to an experienced family law attorney. With their experience, they can help find any hidden stuff and make sure that the division of property is fair for everyone involved.

GET YOUR FREE CONSULTATION TODAY Call 631-923-1910 or fill in the form below

Horberger Verbitsky, P.C. partners Robert E. Hornberger, Esq. and Christine M. Verbitsky, Esq.

Get your complimentary consultation and case evaluation with our experienced attorneys today. Your attorney will describe the many options available and determine together which is the right solution for you. By the end of this  conversation, we’ll all understand how we can best help you to move forward.

No Cost or Obligation

There is no cost or obligation for this initial consultation. It is simply an opportunity for us to get to know each other, answer your questions and learn if Hornberger Verbitsky, P.C. is right the right law firm for you. Give us a call at 631-923-1910 or fill in the short form below for your free consultation and case evaluation. All Fields Are Required

Is An Inheritance Marital Property?

Why is Commingled Property So Important in a Divorce?

What Is Considered Community Property in Divorce?

The Complete Guide to Dividing Property in Divorce

Robert E. Hornberger on Podcast Discusses Marital Residence

You and your spouse may have made an investment in a timeshare for the promise of benefits like promoting an annual vacation and as an asset you could pass along to your children. However, when you’re going through a divorce, your timeshare becomes just another asset that you have to divide. In an amicable divorce, both parties may be able to agree on how to handle this decision, but if both spouses want it, the decision may be left up to the court to decide. Learn how you can make the most of this situation.

Timeshares Are Unique Assets

A few things make timeshares more unique than the traditional home you plan to split. First, it can be challenging to determine the actual value of the timeshare at the time of the divorce. Multiple factors play a role in this, including the going rate for the timeshare, whether there’s a loan in place to finance it, and the stipulations in the ownership structure.

They can also be difficult to sell, especially if the timeshare’s value is reduced significantly due to the age or terms of the ownership. Once divorce papers are filed, this process becomes a bit more challenging due to the stipulations in ownership deeds within most timeshares (and that’s another thing – the details of each timeshare are very different in how to handle issues like divorce).

Who Gets What in a Timeshare?

Like every other asset, this decision comes down to what the spouses can decide and agree upon or what the court determines is fair. Typically, you have three options to consider with timeshares in your divorce on Long Island, NY:

#1. You sell the timeshare.

Like any other asset, the value from the sale of the timeshare is then applied to the estate to be divided in an equitable manner.

#2: You share the timeshare.

If there is an ability between the spouses to do so, it may be possible to maintain ownership as it is within the timeshare and share it. If this is the goal you have to maintain the value and benefits of the asset, we strongly encourage you to put a formal agreement in place with the details outlined to ensure that everyone remains on the same page. Our team of experienced Long Island, NY, divorce lawyers can help you with that process.

#3: One spouse buys out the other spouse from the timeshare.

This decision can work if just one spouse wants to maintain the timeshare and the other does not. Again, the goal is to estimate the value of the timeshare and then factor that into the divorce proceedings. You would need to pay outright for the spouse’s portion of ownership of the property or make allowances with other assets you own or are dividing.

How Much Is a Timeshare Worth In Divorce?

The big question about a timeshare asset is how much is it worth now. Getting an appraisal and assigning a value to other assets, like your main home or the baseball card collection, is rather straightforward. That is not always the case with timeshares.

There are several things that can happen here:

• You both agree on what you believe the asset is worth. That’s the easy way forward and also the least likely outcome in a hotly contested divorce.
• You have the timeshare value assessed, which can be done in situations where it is considered a high-value and long-lasting timeshare. Some are passed down for generations, while others are maintained for a set period of years.
• Think about the liability of the timeshare, too. That’s especially true when you factor in the cost of maintaining it, such as dues and any loan currently on the property, to finance its purchase.

Our team of experienced Long Island, New York divorce attorneys can offer specific guidance to you about the best route forward in these situations. To do that, we need to see the deed of ownership and any other details about the timeshare. This will help us do the leg work to determine its actual value. There are numerous factors that will complicate this process, including the specific legal requirements in the timeshare (whether it can be sold, how it can be divided in a divorce, and the right of the owners to change ownership structure). With our experience, we can help ensure you know exactly what to expect.

Set Up a Consultation with Our Long Island, NY, Divorce Attorneys for Insight

At Hornberger Verbitsky, P.C., we can help you navigate your questions about all of your assets, including timeshares, which can be very valuable. Our Long Island, NY divorce attorneys have experience helping our clients to make wise decisions about these assets.

As one component of your divorce in Long Island, NY, a timeshare can certainly be a confusing asset to manage. Our attorneys at Hornberger Verbitsky, P.C. can offer guidance to you on what your rights are. Set up a consultation with us now to learn what you can expect from the process. Call 631-923-1910 now or fill in the short form below.

GET YOUR FREE CONSULTATION TODAY Call 631-923-1910 or fill in the form below

Get your complimentary consultation and case evaluation with our experienced attorneys today. Your attorney will describe the many options available and determine together which is the right solution for you. By the end of this  conversation, we’ll all understand how we can best help you to move forward.

No Cost or Obligation

There is no cost or obligation for this initial consultation. It is simply an opportunity for us to get to know each other, answer your questions and learn if Hornberger Verbitsky, P.C. is right the right law firm for you. Give us a call at 631-923-1910 or fill in the short form below for your free consultation and case evaluation. All Fields Are Required

When you file for a divorce on Long Island, New York, the court may award spousal support to you. Typically, the spousal support comes from your spouse’s paycheck. The money paid is dependent on the salary earned, the hours earned, or the rules set by the court.

One way that some unscrupulous individuals try to sidestep how much they are paying in spousal support is to get paid under the table or “off the books”. Though illegal, this method of being paid for work performed enables the spouse to not pay takes on that money and reduce or eliminate spousal or even child support payments through the court. In these situations, the court may not see how much income they are earning. Thus, what is paid to you is eliminated or reduced. This is a violation of spousal support requirements in New York Court.

If you know or suspect your ex is getting paid under the table to avoid spousal or child support, what can you do to prove your right to compensation? Should you take action?

Your Ex May Be Held in Contempt of Court

An important differentiating factor here is that not paying supposal support (no matter the reason) is a court violation. They can be held in contempt of court as a result. For that to occur, you need to file a motion in court stating they are not paying what they are required to pay under the judgment of the court.

The court will then hold a hearing. During that hearing, you have the right to present any information about what you know is occurring. The spouse is also able to present why they are not making payments.

Do You Have Evidence That Your Ex Is Working Off the Books?

Before the hearing arrives, it’s critical to gather any and all information you have to use to prove that the ex not claiming all of their income. If you don’t know this for certain and cannot prove it, you cannot win your case.

An experienced divorce attorney on Long Island, NY can offer specific strategies for obtaining the necessary evidence. In some situations, working with a private investigator may offer some insight. However, that could also be viewed as abuse of the other party. You may wish to gather statements from people who may know this information from first-hand experience. That’s difficult, too, because not many people will step forward and put their name on the line.

Your Long Island, NY Divorce Attorney Can Offer Viable Solutions

One strategy your divorce attorney on Long Island, NY will likely recommend is filing a motion for discovery. This is a legal action your attorney can request the court to allow to require the ex and their attorney to provide the requested financial information. You could use that information to prove that your ex is making money he or she is not reporting.

For example, bank statements and electronic payment accounts like Venmo or PayPal may indicate that someone is paying your ex they are not claiming. They may be making deposits into their checking or savings accounts that are not documented through a paycheck. In a digital-focused world, it’s quite common for a person to need to deposit cash into their bank account to make payments instead of using cash in person. That type of evidence can be a powerful tool to prove they have a source of income they are not reporting.

Your attorney may also call particular witnesses to the stand during a hearing. This would force a person to make a statement in court if they have specific knowledge of the ex being paid or working. People are less likely to lie in court when there are consequences for doing so. This can be challenging, which is why having a skilled Long Island, NY divorce attorney on your side to help is critical.

Could Your Ex’s Property Be Seized?

Nonpayment of spousal support could result in a judge requiring the sale of assets to pay past-due funds. Done through a Writ of Execution, your attorney can prompt a judge to take this action if they are not making spousal support payments as required under the law.

With So Much on the Line, Hire an Experienced Long Island, NY Divorce Attorney to Protect You

Before you take action, consult with an experienced New York divorce attorney. Contact our offices at Hornberger Verbitsky, P.C. now to obtain the legal support you need to force your ex to pay you what they owe.

Contact our divorce attorney in Long Island, NY, now by calling 631-923-1910 to schedule a consultation. You can also fill out a form online, and we’ll contact you. Don’t wait any longer to get the help you need.

GET YOUR FREE CONSULTATION TODAY
Call 631-923-1910 or fill in the form below

Get your complimentary consultation and case evaluation with our experienced attorneys today.

Your attorney will describe the many options available and determine together which is the right solution for you. By the end of this  conversation, we’ll all understand how we can best help you to move forward.

No Cost or Obligation

There is no cost or obligation for this initial consultation. It is simply an opportunity for us to get to know each other, answer your questions and learn if Hornberger Verbitsky, P.C. is right the right law firm for you. Give us a call at 631-923-1910 or fill in the short form below for your free consultation and case evaluation.

All Fields Are Required

Your divorce settlement is part of the final divorce decree issued by the court, specifying how you and your spouse will divide money, property, and debts between each of you after your divorce. It also includes alimony or spousal support if it’s awarded and healthcare and insurance coverage that one spouse may be required to maintain for a period of time.

This is a legally binding document that you and your ex agree to honor and cannot be changed without a new hearing in Nassau County or Suffolk Count court on Long Island, NY.

If you feel that your divorce settlement is unfair, you may be able to appeal the judge’s decision. However, this can be a complex process that requires the help of an experienced New York divorce lawyer. Here’s what to know.]

Understanding the Divorce Appeal Process

The divorce appeal process in New York is a complex and technical procedure that involves challenging a trial court’s decision in a divorce case. It is essential to understand that an appeal is not a retrial of the case, but rather a review of the trial court’s decision to determine if any errors were made. The appeals process typically involves several steps, including filing a notice of appeal, preparing the record on appeal, drafting and filing an appellate brief, and presenting oral arguments.

When you file a notice of appeal, you are formally notifying the court and your ex-spouse that you intend to challenge the trial court’s decision. The next step is to prepare the record on appeal, which includes all the documents and transcripts from the original trial. This record is crucial as it forms the basis of your appeal.

Drafting the appellate brief is a critical part of the process. This document outlines your legal arguments and supports them with applicable case law, statutes, and evidence from the trial court record. Finally, in some cases, you may need to present oral arguments before the appeals court. This is your opportunity to argue your case in person and answer any questions the judges may have.

Eligibility to Appeal a Divorce Settlement

To be eligible to appeal a divorce settlement, you must have a valid reason for doing so. This can include errors made by the trial court, such as misapplying the law or abusing its discretion. You must also file your appeal within the required timeframe, which varies by state. In New York, for example, you have 30 days from the date the divorce settlement is entered to file your appeal.

It is crucial to consult with an experienced divorce attorney to determine if you have grounds for an appeal and to ensure that you meet the necessary deadlines. Your attorney can help you assess whether the trial court made any legal errors or if there were any procedural issues that could justify an appeal.

The Legal Grounds for Filing an Appeal Against the Trial Court’s Decision

Unfortunately, you can’t just file an appeal if you feel that your divorce settlement is unjust. You have to have adequate legal grounds to challenge the court’s decision. For example, if you can show that the court misapplied the law or made procedural mistakes in your case, you may be able to successfully get an appeal hearing on the docket.

It’s also possible to file an appeal if the settlement was based on misrepresentations your spouse made that you only later discovered, or if you were forced to accept the settlement terms under duress. You will need to show strong evidence that your spouse lied or concealed their assets or that you were coerced to accept the settlement.

How Much Time You Have to File 

In New York, the clock starts ticking as soon as the final judgment, or divorce decree, is entered. Then, you only have 30 days to file an appeal. If you don’t file within this time frame, you will forfeit your right to appeal the court’s decision entirely.

Filing the Notice of Appeal

The first step in the appeals process is to file a notice of appeal with the trial court. This document notifies the court, your ex-spouse, and their attorney that you intend to appeal the trial court’s decision. The notice of appeal must be filed within the required timeframe, and it is essential to ensure that it is properly served on all parties involved.

Filing the notice of appeal is a critical step because it sets the appeals process in motion. Missing the deadline to file this document can result in losing your right to appeal. Therefore, it is important to work closely with your attorney to ensure that the notice is filed correctly and on time.

Gathering Evidence for Your Appeal 

For your appeal to be successful, you need to present compelling evidence that supports your grounds for appeal. The more evidence you have that shows your initial settlement was unjust, the higher the chances are that you will be granted a new hearing. This can include things like:

• Tax returns, bank statements, asset valuation, and other financial records to illustrate any inaccuracies or omissions in your spouse’s disclosure.
• Emails, letters, and text messages that indicate fraudulent behavior or coercive tactics.
• Statements from witnesses who can corroborate your claims.
• Statements from financial or legal experts who can provide professional opinions on misrepresentations or errors in the initial divorce settlement.
• Child custody agreements and related documents to support your appeal.

It’s also a good idea to get copies of your original court transcripts. These documents offer a detailed record of the settlement proceedings, including motions, judgements, court orders, and an exact transcript of what was said by everyone in the courtroom. This provides crucial evidence of any legal errors that may have been made by the judge.

Creating and Filing the Appellate Brief

The appellate brief is a written document that outlines your legal arguments and supports them with applicable case law, statutes, and evidence from the trial court record. The brief must be formatted according to the appeals court’s requirements and must be filed within the required timeframe. It is crucial to work with an experienced divorce attorney who is familiar with the appeals process and can help you draft a compelling appellate brief.

Your appellate brief is your primary tool for persuading the appeals court that the trial court’s decision should be overturned. It should clearly articulate the errors made by the trial court and provide a well-reasoned argument for why the decision should be reversed or modified. Attention to detail and adherence to the court’s formatting and procedural rules are essential for a successful appeal.

Presenting Oral Arguments

In some cases, the appeals court may require oral arguments, which involve presenting your case to a panel of judges. This is an opportunity for you and your attorney to argue your case and answer any questions the judges may have. Oral arguments are typically limited to a specific timeframe, and it is essential to be well-prepared to effectively present your case.

During oral arguments, your attorney will have the chance to highlight the key points of your appellate brief and respond to any concerns or questions from the judges. This can be a critical moment in the appeals process, as it allows the judges to engage directly with your arguments and gain a deeper understanding of the issues at hand. Preparation and practice are key to making a strong impression during oral arguments.

What to Expect During the Appellate Court Process

The appeals process can be long and it’s easy to get frustrated. Knowing what to expect ahead of time can help you prepare. When you file your Notice of Appeal, your argument will be reviewed by a higher court, or appellate court, which can issue a judgment that either affirms the lower court’s decision or requires a new hearing to take place.

The latter happens the least often and usually only in cases where serious misapplications of the law occurred. If a new hearing is set, a different judge will reevaluate the specific settlement terms and make changes accordingly.

How an Experienced Long Island, NY Divorce Lawyer Can Help Appeal Your Divorce Settlement

An experienced divorce lawyer with expertise in family law is a critical asset when it comes to filing your divorce settlement appeal. They can assess the fairness and legality of your initial settlement and identify if you have any legitimate grounds with which you can file an appeal.

Your attorney can also help you collect and organize important evidence to substantiate your claims and build a compelling case that demonstrates injustices and errors that occurred during the initial hearing. They’ll handle paperwork and phone calls on their end, so you can focus on your divorce recovery.

Contact Veteran New York Divorce Attorneys Hornberger Verbitsky, P.C. Today 

At Hornberger Verbitsky, P.C., we understand how difficult the divorce process is, especially when your settlement seems unfair. Our experienced Long Island, NY family lawyers are standing by now to provide you with the support you need to appeal your case if you believe there were errors in the final divorce settlement. Contact us today for more information or to book your free initial consultation and case evaluation by dialing 631-923-1910 or fill out the short form on this page.

GET YOUR FREE CONSULTATION TODAY
Call 631-923-1910 or fill in the form below

Get your complimentary consultation and case evaluation with our experienced attorneys today.

Your attorney will describe the many options available and determine together which is the right solution for you. By the end of this  conversation, we’ll all understand how we can best help you to move forward.

No Cost or Obligation

There is no cost or obligation for this initial consultation. It is simply an opportunity for us to get to know each other, answer your questions and learn if Hornberger Verbitsky, P.C. is right the right law firm for you. Give us a call at 631-923-1910 or fill in the short form below for your free consultation and case evaluation.

All Fields Are Required

Since the COVID-19 pandemic, the prices of consumer goods have steadily risen to an all-time high. To say we all get sticker shock at the checkout counter is at best an understatement. Social media users are coining the phenomenon the “Silent Depression,” suggesting that the purchasing power of the average citizen has never been lower, yet few seem to be talking about it.

Families dealing with divorce have arguably felt the pinch of inflation the hardest. Those receiving child or spousal support are feeling the strain, while those paying it may be having a harder time paying it. Everyone considering a divorce is wondering how they’re going to afford the legal process. Here’s what to know about how increasing inflation could impact your Long Island, NY divorce and what Hornberger Verbitsky, P.C. can do to help.

As Inflation Goes Up, the Value of Your Divorce Settlement Goes Down

When a divorcing couple reaches a settlement agreement, this is usually based on what their finances were at the time they separated. But when inflation rises and the purchasing power of your dollar goes down, so does the value of your divorce settlement and the assets you were awarded.

If you’re currently negotiating a settlement with your spouse or plan to do so in the future, be sure to account for inflation and the potential reduction of your settlement value years from now before reaching an agreement.

You Could Have Trouble Making Alimony or Child Support Payments

Even though the price of housing, fuel, and groceries have risen exponentially, your wages may have remained stagnant for years. This means that your money doesn’t go as far as it used to and you may find yourself having to make sacrifices just to keep food on the table for you and your children.

If you struggle to make child or spousal support payments during this time, you’re not alone. Many divorced spouses and single parents are having a hard time keeping rent and utilities paid and there’s just not enough money left over for support. But it’s risky business to miss court-ordered payments – you could be held in contempt of court or have your wages garnished if you do.

You’ll Pay More for a New Home

The cost of housing post-pandemic is higher than it ever has been, with mediocre and damaged homes going for upwards of $300,000 or even half a million dollars in some popular locations. As dodgy landlords let properties fall into disrepair to artificially impact supply and demand, livable homes become more and more unaffordable.

If you plan on buying or renting a home after your divorce, you could have a lot more difficulty than you did when you first got married. You may want to consider staying with another family member or having roommates to offset the radically high cost of living, at least temporarily until you can get more resources.

You May Take on Debt After Your Divorce

Affording expensive divorce litigation when the economy is already in shambles is no small feat. Many families take out loans or credit cards to help them manage the costs of dissolving their marriages, but this unfortunately leaves people in a lot of debt once the divorce is finalized.

In fact, Debt.com reports that as many as 59% of spouses owed money after their divorces. Here’s how that number breaks down:

• 37% of respondents took on < $1,000 of debt
• 22% of respondents took on $1,000 to $5,000 of debt
• 18% of respondents took on $5,000 to $10,000 of debt
• 11% of respondents took on $10,000 to $15,000 of debt
• 12% of respondents took on $15,000 to $20,000 of debt

Unless you have a lot of money put back in savings to afford your divorce, chances are you’ll need to borrow to be able to finalize your divorce, particularly if it’s a contested or contentious divorce. If that happens, make sure you factor this into your settlement and make sure you’re getting enough to compensate for the payments you’ll need to make on your divorce debt.

How Hornberger Verbitsky, P.C. Can Help Control Inflation’s Effect on Your Divorce

At Hornberger Verbitsky, P.C., our experienced legal team understands the ins and outs of how inflation can affect a divorce and we’re here to help guide you through the process of dissolving your marriage successfully. Contact us today for a free initial consultation and case evaluation to discuss your case by dialing 631-923-1910 or by sending us a quick message online through the short form on this page.

GET YOUR FREE CONSULTATION TODAY
Call 631-923-1910 or fill in the form below

Get your complimentary consultation and case evaluation with our experienced attorneys today.

Your attorney will describe the many options available and determine together which is the right solution for you. By the end of this  conversation, we’ll all understand how we can best help you to move forward.

No Cost or Obligation

There is no cost or obligation for this initial consultation. It is simply an opportunity for us to get to know each other, answer your questions and learn if Hornberger Verbitsky, P.C. is right the right law firm for you. Give us a call at 631-923-1910 or fill in the short form below for your free consultation and case evaluation.

All Fields Are Required

If you are considering getting a divorce and have money in a retirement fund like a 401(k), you may be concerned about being forced to split your assets with your spouse. Whether or not this will apply to you is based on your individual circumstances – here’s what you should know and how a qualified Long Island, New York divorce lawyer can help you.

Whether You Have to Split Your 401k in Your Divorce Depends on When You Contributed Assets

Whether or not your spouse will be entitled to a portion of your 401(k) depends on when funds were deposited into the account. Because New York is an equitable distribution state, only funds that were deposited after the marriage are subject to equitable distribution. Any money that was put in to the 401k prior to the marriage, even if it was a matched contribution that was made by an employer, is considered separate property.

One example is if you contributed $25,000 to your 401(k) before you got married and $100,000 in the years following, your original $25,000 would be your personal property, but the $100,000 would be marital property and theoretically be split between you. In other words, you would be awarded $75,000 and your spouse would get $50,000. But you could also keep $25,000 and trade the rest of the account for $50,000 in home furnishings or other marital property. This would give your spouse $100,000 in retirement funds.

Do You Have to Split Your 401k 50/50?

The only circumstances in which you would split your 401(k) down the middle with your spouse is if you opened the account sometime after your marriage and if a 50/50 split was equitable. If no assets were contributed before you were legally wed, all of the funds in your account are considered marital property.

The word “equitable” in New York state divorce law means “fair,” which may not necessarily amount to a half-and-half division of the assets held in the account. For example, if your spouse wants the house to avoid uprooting the children and their portion of your retirement account was of roughly equal value to your equity in the house, a judge may rule that you keep the entire 401(k) in exchange for giving them the deed to the house.

Tax Implications of Splitting Your 401k in Divorce

The funds that your spouse receives from your 401(k) are taxable, meaning that they will be responsible for paying taxes when they redeem the money. This is important to consider when dividing property and financial assets.

For example, if one spouse is awarded a portion of a shared retirement fund, the tax burden they also inherit should be compensated for in another way. This could be any property or liquid assets of equal value, including land, housing, jewelry, and cash deposits.

Don’t Hide Assets, Even If They’re Separate

The idea of sharing your hard-earned retirement with your soon-to-be-ex-spouse may be a tough pill to swallow, but it’s imperative that you don’t try to hide the assets or avoid listing them on your divorce paperwork.

Even if the account is strictly separate property and your spouse is entitled to none of it, you could be penalized if you are found to be hiding assets of any kind. Usually these penalties are financial in nature, but if you are held in contempt of court for concealing assets in a divorce, jail time could potentially be on the table.

Get Help from an Experienced New York Divorce Lawyer on Splitting Your 401k or Other Marital Property

Going through the process of figuring out who gets what is one of the most stressful parts of any divorce, especially if you don’t have children and aren’t involved in any custody or child support disputes. You need qualified legal support to help you navigate the challenges ahead and pursue a successful outcome that will protect you now and in the future.

At Hornberger Verbitsky, P.C., we have the skills and experience to provide you with zealous advocacy you can trust. Family legal matters present many obstacles and you need a New York divorce attorney who can let you know what to expect and which options are in your family’s best interests.

Contact our office today to schedule a consultation to learn more about the division of retirement funds in a divorce or complete our short contact form and our team of legal professionals will get back to you quickly. Call now at 631-923-1910,

GET YOUR FREE CONSULTATION TODAY
Call 631-923-1910 or fill in the form below

Horberger Verbitsky, P.C. partners Robert E. Hornberger, Esq. and Christine M. Verbitsky, Esq.

Get your complimentary consultation and case evaluation with our experienced attorneys today.

Your attorney will describe the many options available and determine together which is the right solution for you. By the end of this  conversation, we’ll all understand how we can best help you to move forward.

No Cost or Obligation

There is no cost or obligation for this initial consultation. It is simply an opportunity for us to get to know each other, answer your questions and learn if Hornberger Verbitsky, P.C. is right the right law firm for you. Give us a call at 631-923-1910 or fill in the short form below for your free consultation and case evaluation.

All Fields Are Required

One of the most significant issues in a divorce is that of property division. And because couples often accumulate more assets the longer their marriage lasts, this is particularly the case when spouses divorce after 20, 30, or even 40 years together.

In a community property state like California, assets are divided equally between spouses, which can simplify the process. However, in equitable distribution states like New York, the division is based on various factors, making the calculation of home buyouts more complex.

A popular resolution to the issue of allocating possessions is for one spouse to buy out the other’s shares in their co-owned property. Many people choose to do this when one spouse wants to keep an asset and would rather not sell it to split the proceeds. Here’s what to know and how an experienced Long Island, NY divorce attorney can help.

Offer Your Spouse a Direct Payment

If you have the means to offer your spouse a lump sum payment for their portion of an asset, like a house or car, this is probably the easiest way to settle the matter. Financial contributions and agreements made during divorce proceedings can significantly impact the final buyout price.

You can also take out a loan for the amount, so you can purchase your spouse’s half of the property outright and pay back your lender over time. This allows you to sever ties completely with your spouse at the time of your divorce, even if you can’t come up with all of the money you would need to make the purchase.

Offer Your Spouse Something in Exchange

Another way to buy your spouse’s share of an asset is to offer them something of equal value in return. This equitable exchange is common in New York divorces, but it does require you to have the ability to communicate with your spouse to iron out the details of the trade.

For example, if you really want the house in your divorce, but your spouse would rather have your vehicles and boat, you could call it an even exchange so long as you both agree to it. Keep in mind that the trade has to be fair on both sides – courts give some leeway to items with great personal significance, but what you offer your spouse can’t be grossly under the value of what you want in return.

The division of marital assets, including the family home, varies between community property and equitable distribution states, impacting the buyout process and potential trade-offs involving other marital properties and investments.

Refinance Your Existing Mortgage

If the property you want is a home, you may be able to refinance your mortgage under your name only to purchase your ex’s shares. However, addressing the existing mortgage can be challenging when trying to secure financing to buy out a spouse. Whether or not you can do this depends on several factors though, like how much equity you personally have in the property and what your credit score looks like. If you haven’t built enough equity or can’t get approved for a loan, this is unlikely to be a good option for you.

But if you do have good credit and income, and you can get refinanced, you can pay your spouse for their half of the house and own the property yourself. The mortgage will be yours after that and you’ll only have to deal with your lender going forward.

Create a Divorce House Buyout Agreement

If you don’t have the money to make a direct offer for your spouse’s shares in the property, and if refinancing through a traditional lender isn’t an option, you may be able to create a buyout agreement where you make payments to your spouse over time until you’ve purchased all of their holdings. A divorce settlement is crucial in reaching an agreement on significant assets, including the marital home. Usually, this requires you to be on reasonably good terms, since communication and trust are key to making an arrangement like this work.

When To Get in Touch with a Qualified NY Divorce Lawyer

If you are considering a divorce or your spouse has announced to you their intent to divorce, you should consult with an experienced divorce and family law attorney right away. A marital settlement agreement is crucial in ensuring a fair division of assets, including the division of marital assets and responsibilities. The outcome of your case, including what property you get and whether or not you have custody and visitation of your kids, often depends on how quickly you act and how skilled your legal representation is.

In most situations, the more experienced your attorney, the better your case results are, so it’s important that you work with someone who has what it takes. At Hornberger Verbitsky, P.C., we have the experience and dedication to help you navigate the difficult issues of dividing property during a divorce and will advocate for realistic solutions for you and your family.

Serving all of Long Island, New York and surrounding areas.Contact us today for a consultation by dialing 631-923-1910 or fill in the short form on this page.

GET YOUR FREE CONSULTATION TODAY
Call 631-923-1910 or fill in the form below

Get your complimentary consultation and case evaluation with our experienced attorneys today.

Your attorney will describe the many options available and determine together which is the right solution for you. By the end of this  conversation, we’ll all understand how we can best help you to move forward.

No Cost or Obligation

There is no cost or obligation for this initial consultation. It is simply an opportunity for us to get to know each other, answer your questions and learn if Hornberger Verbitsky, P.C. is right the right law firm for you. Give us a call at 631-923-1910 or fill in the short form below for your free consultation and case evaluation.

All Fields Are Required