Protect Your Business Assets in a Long Island Divorce

Dividing Assets in Long Island Divorce is Complex

As a Long Island, NY divorce attorney, I see that many couples contemplating divorce in Nassau and Suffolk have many difficult issues that must be sorted out including, equitable distribution of property, assets and debts, child support, and alimony, spousal support or spousal maintenance.

Owning a Business Makes Long Island Divorce More Complicated

When the divorcing couple owns a business, this often becomes the most difficult and most controversial marital asset, causing additional valuation and distribution issues to consider.

What is ‘Double-Dipping’?

In divorce cases on Long Island, attorneys refer to situations where one spouse receives double payment for a single asset as “Double Dipping” or “Double Counting”. These terms are also applied to pension funds as well as business interests.

Nassau & Suffolk Exclude Pension & Alimony

Generally speaking, during a divorce proceeding, Nassau County and Suffolk County Courts do not allow a spouse to receive both an equitable distribution of pension assets and alimony based on that same pension income. However, this is less clear when it is applied to business interests.

Different States, Different Laws

Depending on the state in which the divorcing spouses live and are seeking their divorce, when the non-monied spouse receives alimony or maintenance, some or all of the company’s goodwill may be excluded from the marital estate when dividing the assets.

No Double-Dipping in Nassau County or Suffolk County Courts

In New York, this issue became explained when the Court of Appeals in Grunfeld v. Grunfeld (94 N.Y.2d 696 [2000]) recognized the inequity of double-counting income, at least when awarding spousal maintenance after the asset value of a license or degree has been divided. Therefore, in Nassau County and Suffolk County Courts, double dipping is not allowed.

Seek an Experienced Long Island Divorce Attorney

Dividing marital assets in a Long Island divorce can be very complex and requires an experienced divorce attorney familiar with the Nassau County and Suffolk County court system. The attorneys at Robert E. Hornberger, P.C., have received extensive training and have a great deal of experience in these areas and are ready to answer your questions. For a free private consultation about this or any other divorce matter, contact the experienced attorneys at Robert E. Hornberger, PC at 631-923-1910 or fill out the form on this page and we’ll get right back to you.

Questions About Contested Divorce on Long Island?

To learn more about what you need to know about Contested Divorce on Long Island and how to get help to protect yourself and your future to ensure you have the freedom and resources to live a full and happy post-divorce life, visit this page: Contested Divorce Attorney Protects Your Rights & Assets. For more information on Contested Divorce, read What You Need to Know About Contested Divorce.

Melissa Rappa

18:09 08 Feb 24

At one of the hardest and most stressful times of my life, it was so comforting to have a team at Hornberger and Verbitsky who ALWAYS responded in record speed to my questions, phone calls, emails or texts and who I felt really cared about helping me through this difficult time. It was a long few years and I am grateful to all of you. Thank you so much Rob, AnneMarie, Christine, Patty, Joan and Lawrence. Your guidance, professionalism and expertise is appreciated beyond measure.

Paul Carmichael

16:21 11 Dec 23

I would give 6 stars if I could. I can't say enough good things about Robert and his firm. We were in a situation for over 2 years and I could have never made it through without Robert's experience and knowledge. He guided me through tough times when needed and his expertise could "read" the situation and make the next best move for me. He was tough when he needed to be tough (thankfully) and at the same time guided me through the process to make me feel comfortable in an uncomfortable situation. I would not want to go through this process without Robert and his team having my back. he helped move the case along and not waste any time or money. One last time, I 100% endorse Robert and his expertise.