How to Determine the Value of Luxury Assets in a New York Divorce

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How to Determine the Value of Luxury Assets in a New York Divorce

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.

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What Our Clients Are Saying

I hired Susan to represent me in a divorce matter where I was fighting for custody and to limit my wife's equitable share of our assets. I won custody of our son, kept the marital residence, kept my professional practice, kept my building and paid less than half to my wife. This was after a long-term marriage. She could persuade the court that equitable is not equal and sometimes the man does deserve to win!

‐ Dave

I first must say that I had been represented by two prior attorneys both of whom had simply taken my money and left me nothing to show for it in my custody case. They kept telling me what they were doing for me but I found out they were lying. Susan on the other hand had gotten me temporary custody and support for my children and myself within two months of hiring her. I cannot say enough about her.

‐ Craig

After talking to a few other attorneys, I hired Susan to represent me in my divorce and custody dispute. I was reluctant to go with her because she was the cheapest out of all the other attorneys I met with, but I'm so glad I did. I am 100% positive no one else would have done such a great job with my case as Susan and her staff. Her work is quality, her staff is reliable and her character is honorable. There...

‐ Linda

I had a very difficult case where I had already burned through two attorneys who were unable to get me custody of my children and complete my divorce. Susan was able to rapidly work out an agreement and not let it just malinger on like my previous experiences. She was also considerate of my financial situation unlike all of the other lawyers I had spoken to. I highly recommend her if you want complete and caring service with an in-depth knowledge of...

‐ Joanne

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The Law Offices of Susan A. Kassel, P.C. proudly serves clients throughout Suffolk County, New York in their divorce, family law, and estate planning matters. If you require the services of an experienced Suffolk County attorney, schedule a consultation with The Law Offices of Susan A. Kassel, P.C. today.

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