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.
Robert E. Hornberger, EsqI know from both personal and professional experience that divorce is emotional for everyone involved. No one expects to get divorced so it is naturally a stressful life-changing event. I’ve been in your shoes; I understand. As emotional as it is, divorce is also a practical matter. While it may seem cold, when it comes down to it, divorce is essentially a legal “business transaction”. My job as your divorce attorney is to take care of the practical, material and legal aspects of your divorce so you can move on emotionally. I’m here to protect your legal and financial interests now and ensure you have the tools and resources you need to start a new, happy, productive, fulfilling life without your current spouse. While my greatest job satisfaction is the relief I bring to my clients, below are some of the credentials, awards and recognition I’ve received en route. Over 20 years practicing matrimonial law Over 1,000 cases successfully resolved Founder and Partner of Hornberger Verbitsky, P.C. Experienced and compassionate Long Island Divorce Attorney, Family Law Attorney, and Divorce Mediator Recognized for a tough courtroom disposition Skilled litigator whose reputation, training and experience as a divorce attorney, mediator and collaborative divorce attorney makes Robert particularly skilled at resolving cases prior to trial Opposing counsel recognize Robert will not back down until he achieves a favorable resolution for his clients. Licensed to practice law in the State of New York New York State Bar Association member Nassau County Bar Association member Suffolk County Bar Association member “Super Lawyer” Metro Rising Star Nominated Best of Long Island Divorce Attorney four consecutive years Alternative Dispute Resolution Committee Contributor Collaborative Law Association of New York – Former Director Martindale Hubbell Distinguished Designation America’s Most Honored Professionals – Top 5% Lead Counsel Rated – Divorce Law American Institute of Family Law Attorneys 10 Best International Academy of Collaborative Professionals Graduate of Hofstra University School of Law Double Bachelor’s degrees in Philosophy, Politics & Law and History from SUNY Binghamton University Long Island native
