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.

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.

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.

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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.

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.

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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.

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