During a divorce in New York, your assets will be divided through equitable division. This means that your assets will be divided fairly, but not necessarily equally. In order to distribute your assets between you and your spouse, you must determine their true value. Read on to learn more.
How are Assets Valued?
Unfortunately, you cannot always rely on your spouse to tell you the true value of an asset. He or she may attempt to undervalue the asset in order to keep it entirely or avoid splitting it fairly. During some divorces, one or both spouses will attempt to hide assets in order to avoid losing them in the divorce. There are a few ways a spouse can hide assets during a divorce, such as:
- Overpaying on taxes so they can get the money back in a refund the following year
- Asking an employer to delay a promotion or raise until after the divorce
- Delaying the receipt of a large commission from work
- Transferring assets to a friend or a separate bank account
As a result, it is important to bring in an expert to determine the true value of your important assets and uncover any hidden assets.
How are Luxury Assets Divided?
Dividing luxury assets can be especially difficult, but there are a number of ways to do so. For example, couples that own vacation homes together can both keep ownership and split the time they have there. This ensures neither spouse has to give up access to the home entirely. However, there are other cases in which a spouse may need to give up certain assets so they can keep others. If one spouse wants to keep a certain high-value item, they have to compensate the other spouse with assets that are of a similar value.
Should I Sell Luxury Assets?
In some cases, it can be easier for luxury items to be sold so the money can be split between spouses. This may be beneficial in the following situations:
- It may be too costly or impractical to keep certain assets as a single adult
- The asset’s sentimental value may be tied to the marriage
- Spouses may need the money to pay for their divorce or certain marital debts
If you are getting divorced in New York, you will need the help of an experienced attorney. Contact our firm to speak with a skilled and dedicated divorce lawyer.
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Matters of divorce and family law should be navigated with the guidance of an experienced attorney. If you need strong legal representation regarding matters of divorce, family law, and estate law, contact the Law Offices of Susan A. Kassel, P.C. to schedule a consultation today.