Equitable Distribution of Marital Property in a Suffolk or Nassau County Divorce
Long Island divorce lawyers working closely with clients to protect their rights
A key consideration in any divorce is property division. If the parties cannot negotiate an equitable agreement, the courts must determine the division. And although judges may divide assets equally in some situations, they may also decide that an equal division of assets is not equitable in your case. Whether you negotiate a settlement or require courtroom intervention, experienced legal support from the divorce attorneys of Jakubowski, Robertson, Maffei, Goldsmith & Tartaglia, LLP can help protect your rights and property.
The two phases of property distribution
As explained on the New York State Unified Court System Divorce Resources page, when a marriage ends, each party has an automatic right to retain any property the individual owned prior to the marriage as long as the couple did not comingle the property. The first phase of determining the division of property involves separating the non-marital property from the marital property.
Dividing the remaining assets can pose many challenges because equitable distribution guidelines require that each party walk away from the marriage in relatively similar financial shape.
The challenges of equitably dividing assets
Many complexities can arise, such as in the following examples:
- High value assets: You may have to sell high value assets such as a home to ensure an equitable distribution.
- Family business: Valuing a business involves more than simply assessing the worth of its assets minus outstanding liabilities. You may need to consider the future profits of the business, particularly if both parties made an equal contribution over its life.
- Pensions and retirement accounts: Spouses typically have the right to receive retirement benefits accrued during the marriage. This can be complicated when parties continue to contribute and earn benefits once the marriage ends.
- Bank accounts: Even an account in the name of just one party may require division if the source of deposits was marital money.
The Long Island divorce lawyers at Jakubowski, Robertson, Maffei, Goldsmith & Tartaglia, LLP work closely with our clients to address every detail. We may need to call on forensic accountants to uncover hidden assets or address complex issues.
Contact us to help pursue maintenance after divorce
The attorneys at Jakubowski, Robertson, Maffei, Goldsmith & Tartaglia, LLP work with clients to address the financial complications they experience after divorce. To discuss your legal issues and learn how we can help you, contact us online or call us at 631-360-0400.