Buffalo Attorney Ensures Fair Asset Division in Divorce

Securing your financial interests when your New York marriage is ending

One of the frequent contentious issues in divorce is how property will be divided. At the Law Offices of Randy S. Margulis in New York, we have years of experience representing clients in divorces throughout the Buffalo metropolitan area. Our lawyers understand the stress and worry divorcing people feel when their financial futures are hanging in the balance. You can trust us to help you get the best asset division outcome possible in your circumstances. 

Equitable distribution of property in New York

If you and your spouse cannot decide yourselves on how to divide property, the New York court will make the determination using a process called equitable distribution. Equitable means a fair split, but not necessarily a 50/50 division. There are a number of factors that a judge will consider in determining what is fair. Our experienced divorce lawyer will advocate for your interests throughout the entire equitable distribution process. 

Determining marital versus separate assets 

To calculate each spouse’s share in equitable distribution, the court must first determine which property is marital and which is separate. In general, marital property is that which you acquired during marriage and before separation. This includes real estate, retirement plans, pensions, investments, gifts you gave to each other, household furnishings and business interests. Separate property includes the following:

• Property acquired by either spouse before marriage
• Property inherited by one spouse only
• Property gifted to one spouse by a third party
• Compensation for pain and suffering awarded to one spouse in a personal injury case
• Property declared to be separate in a valid prenuptial or postnuptial agreement
• Property acquired in exchange for separate property

You must prove by documentary evidence that an asset is yours alone. Your testimony alone is not sufficient. We will put our experience to work for you in making the case for keeping your separate property while ensuring you receive your fair share of marital property. Note, however, that if one spouse has a comparatively large amount of separate property, a judge can take that into account in deciding on a fair division of marital assets.

Complex asset considerations

Marital assets must be assigned accurate values so that they can be fairly distributed. Certain assets like bank accounts are relatively straightforward to evaluate. However, some assets require sophisticated methods of appraisal. Examples are business and professional ownerships, stock options, retirement benefits and collections of artwork, classic cars or jewelry. Our lawyers work with appraisers, forensic accountants and other valuation experts to ascertain asset worth and accomplish a fair distribution. 

Factors that affect the equitable distribution process

The particular circumstances of your marriage will influence how the court decides to split marital assets and debts. Factors judges consider include the following:

• Length of the marriage
• Each spouse’s income and earning potential
• Each spouse’s age and health
• Each spouse’s contribution to the marriage
• Child custody arrangements
• Entitlement to occupying the marital home

The complexity of the distribution process also affects how long a divorce takes. Disputes between spouses over the value of assets can lengthen the case considerably, from just a couple of months to a year or more. Our attorneys have the knowledge and experience needed to make sure that your contributions toward accumulation of marital assets are adequately compensated and that the property division process goes as smoothly as possible. 

What happens when a spouse hides assets?

Each spouse has the obligation to make full disclosure of their assets during a divorce. However, a spouse might attempt to hide assets in order to prevent them from being divided. We use all the resources at our disposal to discover the locations of any suspected hidden assets. If assets are not discovered until after the divorce, we can ask the court to overturn the settlement or divorce judgment on the grounds of misrepresentation and/or fraud. 

Contact an experienced attorney for help protecting your financial future

Our New York attorneys at the Law Offices of Randy S. Margulis in Buffalo advocate for fair results for our clients in equitable distribution during divorce. Call 716-886-9600 or contact us online to arrange a consultation.