Negotiating an equitable distribution settlement in New York can be a daunting task, especially if you are not familiar with the legal system or the specific laws governing divorce in the state. However, with the right approach and the guidance of a skilled divorce attorney, you can navigate the process successfully and secure a fair settlement that meets your needs and protects your interests.
In this blog post, we will outline some tips on how to negotiate an equitable distribution settlement in New York and provide you with some key information you need to know to get started.
Understanding Equitable Distribution in New York
Equitable distribution is the legal principle that guides the division of marital property in New York. Under this principle, marital property is divided in a way that is fair and equitable, although not necessarily equal.
Marital property includes any property acquired by either spouse during the course of the marriage, regardless of whose name is on the title or deed. This includes real estate, personal property, retirement accounts, and other assets.
However, not all property is considered marital property. Property that was owned by one spouse before the marriage or that was inherited or gifted to one spouse during the marriage is generally considered separate property and is not subject to division.
Tips for Negotiating an Equitable Distribution Settlement
Understand your rights and obligations: Before you begin negotiating a settlement, it is important to understand your legal rights and obligations under New York law. A qualified divorce attorney can help you understand the law and your specific circumstances, including the value of your assets and debts, and any potential tax implications of different settlement options.
Prioritize your goals: Take some time to think about what is most important to you in the settlement. For example, you may prioritize keeping the family home, securing a specific retirement account, or receiving a certain amount of spousal support. Knowing your goals can help you negotiate effectively and prioritize your negotiations.
Be prepared to compromise: Negotiating a settlement requires compromise. It is unlikely that you will get everything you want, but it is important to be flexible and open to finding solutions that work for both parties. Consider what concessions you are willing to make to reach a fair settlement.
Keep emotions in check: Divorce can be an emotional process, but it is important to approach negotiations with a clear head. Getting angry or upset during negotiations can derail the process and make it more difficult to reach an agreement. Try to stay calm and focused on finding solutions that meet your goals.
Be transparent: It is important to be honest and transparent about your assets and debts during negotiations. Hiding assets or being dishonest can lead to legal consequences and damage your credibility during negotiations. Make sure you disclose all of your assets and debts to your attorney and your spouse’s attorney.
Consider the tax implications: Different settlement options can have different tax implications. For example, the transfer of a retirement account or the sale of a property can trigger taxes and penalties. Make sure you understand the tax implications of different settlement options and factor them into your negotiations.
Work with a qualified attorney: Negotiating an equitable distribution settlement can be complex, and it is important to have the guidance of a skilled divorce attorney who understands the law and can help you navigate the process. Your attorney can provide you with legal advice, represent you in negotiations, and help you reach a fair settlement that meets your needs.
Negotiating an equitable distribution settlement in New York requires preparation, patience, and a willingness to compromise. By understanding your legal rights and obligations, prioritizing your goals, and working with a skilled divorce attorney, you can navigate the process successfully and secure a fair settlement that protects your interests. Remember to stay calm and focused, be transparent, and consider the tax implications of different settlement options.
At Jean M. Mahserjian, Esq., P.C., we can provide clients with the legal knowledge, representation, and support they need to negotiate a fair and equitable distribution settlement in New York. We can guide clients through the process and help them achieve their goals while protecting their interests. Our attorneys can offer legal advice and analysis, represent clients during settlement negotiations, provide mediation services, represent clients in court, and assist with post-divorce issues. We understand that every client’s situation is unique, and we work closely with each client to develop a customized strategy that meets their specific needs. At Jean M. Mahserjian, Esq., P.C., we are committed to helping our clients achieve a positive outcome in their equitable distribution settlement.
