If you are getting divorced, you may be wondering how your assets will be divided. Read on to learn more about determining the value of luxury assets, uncovering hidden assets, and more.
How Are Assets Divided in New York?
In New York, assets are divided through the process of equitable division. It is important to note that this does not mean a 50/50 split, but rather that assets will be divided in a way that is fair to each spouse. Some of the factors that are taken into account when dividing assets include:
- The age and health of each spouse
- The duration of the marriage
- Economic circumstances
- Each spouse’s contribution to marital property
- Any tax consequence that may apply
How Can Assets be Hidden?
Unfortunately, not all spouses are honest during divorce proceedings. Your spouse may not be honest about the value of certain assets. He or she may undervalue the asset in order to avoid splitting it fairly or keep it entirely. Additionally, some spouses attempt to hide assets to avoid losing them during the divorce. The following are ways that a person can hide assets during a divorce:
- 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
Because you cannot always trust your spouse, it is important to speak with an expert who can determine the true value of an asset and work to uncover any hidden assets.
What to Know About Selling Luxury Assets
It is important to know that selling luxury assets is an option. This may be beneficial under the following circumstances:
- 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, you will need an experienced attorney on your side. Our firm is here to advocate for you every step of the way.
CONTACT OUR FIRM
Peter V. Mandi, Esq. is an experienced divorce and family law attorney located in Bohemia, New York. Our firm understands the impact a divorce can have on your life. If you require strong and dedicated legal representation in Long Island, New York, please do not hesitate to contact Peter V. Mandi & Associates, Inc. today.