If you’re preparing for a divorce, it’s important to take steps to protect your assets. Here’s what you can do to protect what belongs to you and is rightfully yours in a Long Island divorce.
If you are considering divorce and you and your spouse own a home together, you’ll need to make some decisions about what to do with the property when you are no longer living together. Often, this means selling the home. New York is an equitable distribution state, meaning that a court will make every attempt to ensure that property is divided between you and your ex-spouse as fairly as possible — which may not always mean equally. If selling your home is on the table, you need to know whether it’s better to sell the home before your divorce is finalized, or after. Here’s what you should know.
In the event of a divorce on Long Island, all of a couple’s assets, property, and debts are divided between them in a process known as Equitable Distribution. Under New York law, this is done equitably, meaning fair but not necessarily equal. Here’s what you need to know about what may happen to your bank accounts after your divorce and how to get legal help to protect your financial assets as you dissolve your marriage.
Attorney Robert E. Hornberger, Esq., of Hornberger Verbitsky, P.C., appears on Eye on Real Estate, a podcast and radio show with Dottie Hermann, CEO of Douglas Elliman, the fourth leading real estate firm in America. He discusses topics related to splitting the marital residence in New York and distributing separate and marital property in a divorce. Eye on Real Estate is dedicated to exploring mortgage news and market trends and answering tough real estate questions asked by listeners.
Here are some of the podcast’s highlights:
Many people are concerned about their divorce affecting their job, however, the reverse is also frequently true. Your employment may impact your divorce in significant ways, particularly if you’re self-employed. Here’s what to expect if you own a business or otherwise work for yourself and are getting a divorce.
Self-employment income is more difficult to prove than traditional income in any situation, not just in a divorce. If you’re a contractor, for example, you may get a 1099 once a year instead of W2s. Or, you may be responsible for calculating miscellaneous income yourself. If you’re a business owner, you’ll need to assess your gross income, expenses, and net profits. With most types of self-employment, the pay is erratic or differs substantially from month to month. This, coupled with the lack of pay stubs, makes it challenging to calculate an accurate estimate of your income. Expect to gather six months or more of bank statements and fill out multiple forms.
Finances are one of the most common issues in a Long Island divorce, and even more so in a high net worth divorce. You and your soon-to-be-ex-spouse must fully disclose your assets, and if one of you is found hiding assets, you could face serious penalties. Often, one spouse will hire a forensic accountant if they believe their spouse may hide assets to avoid paying as much in the divorce settlement and later in spousal support (alimony) or child support.
However, whether you believe your spouse has the propensity for dishonesty or not, if there’s a lot of money at stake, a forensic accountant can prove helpful. Here’s what you need to know. (more…)
In a divorce on Long Island, you must disclose, or make known, your complete financial information if your case involves child support, spousal support, or other maintenance. New York State Domestic Relations Law §236 makes it mandatory for both spouses to bring forward their information so the financial situation of each spouse can be accurately represented. Even if your divorce is uncontested, you’ll still need to completely disclose your finances. (more…)
One of the most important documents your divorce attorney will request from you and your spouse in the preparation of your Long Island divorce is known as a Statement of Net Worth (SNW). While this is a detailed document that can seem intimidating at first, it is critical for both your attorney and the court to have an accurate picture of your financial situation to effectively represent you and protect your interests in your divorce. (more…)
For many clients getting a divorce on Long Island, one of the most important issues is the division of property. It’s important to recognize that in New York, property is divided equitably, not equally. Although the words sound similar, they can lead to incredibly different results in your Long Island Divorce. (more…)
