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.

Your divorce settlement is what specifies how you and your spouse will divide money, property, and debts between each of your 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 court.

If you feel that your 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. 

The Legal Grounds for Filing an Appeal 

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 do so. 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 divorce settlement 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. 

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. 

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. 

What to Expect During the Appeals 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 who 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 

An experienced divorce lawyer is a critical asset when it comes to filing your 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. Contact us today for more information or to book your free initial consultation by dialing 631-923-1910 or fill out the short form on this page.

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,

Financial fraud is a serious issue that often occurs during contentious divorces on Long Island, NY. While it may be difficult to identify, some telltale signs may indicate your spouse is financially fraudulent. If you suspect financial fraud, it’s important to take action to protect yourself and your assets.

What Is Divorce Fraud  in NY?

Divorce fraud can take many different forms, but all of them involve one spouse hiding or lying about assets, usually to keep more of the marital property for themselves. Some common types of financial fraud in a divorce include:

Hiding Assets from Spouse

This can involve hiding money in a secret bank account, underreporting income on tax returns, or failing to disclose all sources of income.

Transferring Assets to Someone Elese

This can involve transferring ownership of property or investments into someone else’s name (such as a child’s), selling property for less than it’s worth, or giving away assets to family or friends.

Lying About Debts

This can involve incurring debts without the other spouse’s knowledge, hiding existing debts from the other spouse, or exaggerating debts to get a larger share of the marital property.

All of these forms of fraud can have serious consequences if the person is caught. If you suspect your spouse is financially fraudulent, you should speak to an experienced Long Island, NY divorce lawyer as soon as possible to determine what your next steps should be.

How to Identify Financial Fraud in a Long Island, NY Divorce

If your spouse is being amicable or isn’t exhibiting any abnormal behavior, it may be difficult to tell if they are hiding money or otherwise committing fraud. Here are a few indicators:

Controlling Behavior

If your spouse suddenly becomes very controlling around money and starts insisting on knowing every detail of your finances, it could be a sign that they are trying to hide something themselves. Especially if they were not previously interested in financial matters, this behavior change may be a red flag.

Secrecy Around Money

If your spouse starts being secretive about what they spend or make, this is another possible sign of fraud. They may start hiding bank statements or credit card bills, or they may refuse to share information about their income or assets.

Giving Assets or Money to Family or Friends

Another way to hide assets or large sums of money is to give them to family members or friends who will give them back after the divorce. If your spouse starts sending money or giving heirlooms or other assets away, this may be a sign that they are trying to keep these out of the divorce settlement.

Your Spouse Is Caught Cheating

If your spouse is caught cheating on you, this is a good indicator that they aren’t trustworthy and it can also be indicative of financial fraud. Cheating can often be a way of hiding assets and income, as well as a way of spending money without having to account for it to their partner. Consider the possibility that they may be funneling funds away if they readily admit to having an expensive affair.

Your Spouse’s Income Decreases Without Explanation

If your spouse’s income suddenly decreases for no good reason, it could indicate that they are hiding money instead of putting it in your joint bank account. This might happen if your spouse is hiding income through creative accounting methods or if they are simply not declaring all of their income on their tax return.

What to Do If You Suspect Your Spouse Is Being Financially Fraudulent

If you suspect your spouse of financial fraud, the first thing you should do is set up a separate bank account so you can keep track of your finances and ensure that your spouse cannot access your money without your knowledge. You should also keep all important financial documents, such as tax returns and bank statements, in a safe place where your spouse cannot get to them.

You should also keep an eye on your credit score. If you notice any sudden or unexplained changes in your credit score, it could be an indication that your spouse has been using your information to open new accounts or take out loans in your name. If you see any suspicious activity on your credit report, contact the credit bureau immediately to dispute the fraudulent charges.

Contact an Experienced Long Island, NY Divorce Lawyer

Don’t wait to contact a Long Island divorce lawyer as soon as possible if you think you may be a victim of divorce fraud. A qualified Long Island family lawyer can help you gather evidence to support your case and can also assist you through the divorce and property division process. Contact Hornberger Verbitsky, P.C. today for more information or to book a consultation by calling 631-923-1910 or fill out the short form on this page.

The family home is often the most valuable asset that a couple owns and is frequently a source of contention during a divorce. The question of whether a divorce court in Nassau County or Suffolk County can force the sale of a home is one that many people face during this difficult time. Below, we explore the answer to this question and look at the implications of a forced sale of a home in a divorce. We’ll also provide some options for what you can do if your home is ordered to be sold in divorce.

Dividing Assets in a Long Island, NY Divorce

In a divorce, all of the couple’s marital assets are typically divided between them. This includes both financial assets such as savings and investments, as well as physical assets such as property and possessions. The division of assets is usually done through negotiation between the divorcing parties, normally with each party attempting to get the best possible outcome for themselves. If an agreement can’t be reached, then the court will decide how to divide the assets for the couple.

Dividing the Family Home

When it comes to dividing up the family home, there are a few different options that can be considered.

#1. One option is for one spouse to buy out the other’s interest in the property.

#2. Another option is for the property to be sold and the proceeds split between both spouses.

#3. Or, one spouse may keep ownership of the property and rent it out to the other spouse until they can afford to buy them out.

In many cases, the divorcing couple disagrees on what to do with the home. One spouse may want to keep the home while the other wants to sell it and split the proceeds. There is often an emotional attachment to the home, which can make the decision even more difficult. The final decision on what happens to the family home in a divorce rests with either agreement between both parties or with a judge making the decision if no agreement can be reached.

Can a Long Island, NY Divorce Court Force the Sale of My Home?

Under certain circumstances, a divorce court in Nassau County or Suffolk County may order the sale of a family home regardless of what either of the spouses want. This is most likely to happen if the home is the couple’s primary asset and the couple cannot agree on what to do with the property. The court may also order the sale of a home if one spouse plans to move out of state and wants to sell the property.

The Consequences of a Forced Sale in NY

A forced sale of a home can have major consequences for both spouses. If the couple has children, they will need to find new housing that meets their needs and budget. The proceeds from the sale of the home will need to be divided between the spouses, which can be complicated if there is still mortgage debt on the property. One spouse may end up having to buy out the other spouse’s interest in the property, or one spouse may be unable to afford to stay in the home after the divorce.

What Are My Legal Options?

If you have been ordered to sell your home in a divorce, there are a few options available to you for what you can do next.

#1. You Can Buy Your Spouse’s Interest in the Home

If you have the money or good enough credit, you may be able to buy out your spouse’s interest in your home. This can be done by refinancing the mortgage in your name only or by taking out a new loan. However, you will need to make sure that you can afford the mortgage payments on your own before taking this step, otherwise, you could end up in foreclosure and lose everything.

#2. You Can Move Out and Rent the Property

You may be able to negotiate to rent out the property and split the proceeds with your spouse instead of selling it. This can allow you to keep some equity in the property while reducing or eliminating monthly mortgage payments. That said, you will need to get permission from your lender and the court before renting out the property.

If a judgment has been made regarding your home in your divorce proceedings, this is almost always final. Most often, it’s in your best interests to negotiate what to do with your marital home before a judge can decide for you.

When to Contact a Long Island, NY Divorce Attorney

The family home is often one of the most contentious issues in a divorce. While it may be emotionally difficult to part with, there are circumstances under which a divorce court can force the sale of a home. If you find yourself in this situation, it’s important to understand your options and the implications of a forced sale. With careful planning, you can make the best of a difficult situation. Call Hornberger Verbitsky, P.C. today at 631-923-1910 or fill out the short form on this page to make an appointment to discuss your situation with an experienced Long Island, NY divorce attorney.

If you’re considering getting a divorce on Long Island, NY, you may be wondering if you need to hire a financial advisor. Below, we discuss the role of a financial advisor in a divorce, the cost of hiring one, and whether or not it’s worth it.

What a Financial Advisor Does for a Divorce

A financial advisor is a type of professional that can help you manage your current finances and plan for the future. They can help you with investments, retirement planning, and estate planning, as well as budgeting and cash flow management. In the context of divorce, a financial advisor can help you negotiate a fair settlement, manage your finances during the divorce process, and plan for your financial future after the separation is complete.

What Are the Benefits of Having a Financial Advisor During a Divorce?

While there are many benefits to having a financial advisor during divorce proceedings on Long Island, NY, these are the top three most important:

#1. Negotiate a Fair Settlement

When divorcing in New York, you will need to divide your marital assets equitably between yourself and your spouse. A financial advisor can help you determine what constitutes fair and equitable and can work with your divorce attorney to negotiate a settlement that is in your best interests.

#2. Control Your Expenses During the Divorce Process

Divorce is an emotionally charged time, and it can be easy to make rash decisions about money. A financial advisor can help you stay on track financially, and make sure that you are making decisions that are in your best interests long-term.

#3. Plan for Your Financial Future

After your divorce is complete, you may need to start saving for retirement on your own or may need to adjust your budget to account for living on one income instead of two. A financial advisor can help you plan for these changes, and make sure that you are still on track to reach your long-term goals.

How Do I Find a Trustworthy Financial Advisor?

If you have already hired a divorce lawyer, they likely have the resources to get you connected with a financial advisor who can help you. Or, you can ask for recommendations from friends or family, or search for online customer reviews. When looking for a financial advisor, make sure they are licensed in your area and have experience working with people who are going through a divorce.

The Cost of a Financial Advisor

The average cost of a financial advisor for a divorce can range between $3,000 to $6,000, but this can vary depending on the services provided and the experience of the advisor.

This expense may be well worth it if you are going through a divorce and need help dividing assets and debts. A financial advisor can also help you create a budget and plan for your future finances. Whether you stand to gain a lot from your divorce and need guidance for managing the additional resources, or you have fewer resources that you need to find ways to stretch, a financial advisor may be beneficial for you.

Should I Hire a Financial Advisor for My Divorce?

There is no right or wrong answer when it comes to hiring a financial advisor for your Long Island, NY divorce. The key is to understand the role of a financial advisor, the benefits they can provide, and how much they typically cost, so you can decide if hiring an advisor is the best option for your specific needs and circumstances.

What If I Don’t Hire a Financial Advisor?

If you decide that you don’t need or can’t afford to hire a financial advisor for your Long Island divorce, there are still several things you can do to ensure that you make smart financial decisions throughout the divorce process.

First, educate yourself about the basics of personal finance and investing. This will give you a good foundation for understanding the financial ramifications of your divorce settlement. You can also consult with friends or family members who have been through a divorce and can offer advice from their own experience, or work with a divorce mediator or collaborative divorce lawyer to reach a mutually beneficial agreement with your spouse that is in both of your best interests.

Contact Hornberger Verbitsky, P.C. Today for More Information About Financial Advisors & Divorce on Long Island, NY

If you’re considering getting a divorce in New York, it’s important to have someone on your side who is only looking out for your best interests. Contact Hornberger Verbitsky, P.C. today for more information or to book a consultation to discuss your legal options by dialing 631-923-1910 or fill out the short form on this page. Our team of legal professionals is available now to provide you with comprehensive assistance. Serving Nassau and Suffolk counties and surrounding areas.