A difficult and highly contentious part of any divorce case is the division of assets and debts. New York is an equitable distribution state, which requires that all marital assets and debts be divided fairly. This does not necessarily mean a 50/50 split.
It is important to seek the advice of an experienced property division attorney in New York City or Long Island who can help you reach a fair property division agreement. At Barrocas, Mintz, Misuraca, and Record: Family Law & Mediation, we have over 50 years of experience helping thousands of clients secure the best property division outcome, even for the most complex high-asset estates.
One of the first steps in any property division case is determining which assets are separate property and which are marital property. Generally, separate property was acquired prior to marriage. Marital property was acquired during marriage. This also applies in determining marital debt and marital assets. However, property, debt and asset division can be complex. For example, a home may have been purchased by one person prior to marriage, but during the marriage both people contributed to the mortgage.
Businesses are also valued, normally with the assistance of forensic experts. In valuing a business, a determination as to whether the books, records and tax returns accurately reflect the income stream is essential. Oftentimes unreported cash is received and, more often than not, improper deductions are taken by the titled spouse which artificially reduces the profitability of the company and accordingly must be added back.
The most important work in a family law case regarding the valuation of assets and the determination of true income is in the discovery phase. The production of documents and depositions are essential to achieving the maximum result.
The property division experts at Barrocas, Mintz, Misuraca, and Record will ensure that you get the best property settlement available based on your specific case. We will work tirelessly to protect your personal property rights and do everything we can to see that you receive a fair share of the marital estate.