Divorce can be a difficult and emotionally charged experience, particularly when it comes to dividing assets. In New York, the process of dividing assets during a divorce is known as equitable distribution. Equitable distribution involves the fair and just division of marital property, which includes all assets acquired during the marriage, regardless of whose name is on the title.
Valuing assets during equitable distribution is an essential step in the divorce process. It ensures that each spouse receives a fair share of the marital property. Here are some tips on how to value assets in New York equitable distribution:
Get a Professional Appraisal
Professional appraisals can help determine the value of high-value assets, such as real estate, art, and jewelry. A professional appraiser can provide an unbiased opinion of an asset’s value, which is particularly important when spouses disagree on the value of an asset.
Review Financial Documents
Financial documents, such as tax returns, bank statements, and investment account statements, can provide insight into the value of assets. Reviewing these documents can help identify hidden assets, such as offshore bank accounts or investments that a spouse may have tried to conceal.
Consider Tax Implications
When valuing assets, it is important to consider the tax implications of each asset. For example, a retirement account may have significant tax implications upon withdrawal, which should be factored into the value of the account.
Seek Expert Advice
Valuing assets during equitable distribution can be a complex process. Seeking the advice of a financial expert, such as a certified public accountant or financial planner, can help ensure that assets are valued accurately.
Negotiate with Your Spouse
Finally, negotiating with your spouse can be an effective way to value assets during equitable distribution. Spouses may have different opinions on the value of certain assets, and negotiating can help reach a fair agreement. If negotiation is not successful, mediation or litigation may be necessary.
Consider Market Value
Market value is the price that an asset would fetch if sold in the current market. It can be a useful way to value assets that are regularly bought and sold, such as stocks or real estate. Spouses may agree to use market value as a way to value certain assets during equitable distribution.
Divide Assets Equitably, Not Equally
It is important to remember that equitable distribution does not mean equal distribution. In New York, equitable distribution means that assets are divided in a way that is fair and just, based on several factors, including the length of the marriage, each spouse’s contribution to the marriage, and each spouse’s financial circumstances. For example, one spouse may receive a larger share of the marital property if they have significantly lower earning potential or contributed more to the marriage.
Consider Future Value
When valuing assets, it is important to consider their future value. For example, a retirement account may have a higher value in the future due to compound interest. It may be necessary to account for this future value when dividing assets during equitable distribution.
Be Prepared to Compromise
Divorce can be emotionally charged, and spouses may have strong feelings about certain assets. It is important to be prepared to compromise during the equitable distribution process. By focusing on what is fair and just, rather than what each spouse wants, it may be possible to reach a resolution that both spouses can accept.
Work with an Experienced Attorney
Finally, working with an experienced attorney who specializes in family law and equitable distribution can help ensure that assets are valued accurately and divided fairly. An attorney can provide legal guidance, negotiate with your spouse or their attorney, and represent your interests in court if necessary.
Valuing assets during equitable distribution is a crucial step in the divorce process. By following these tips, you can help ensure that assets are valued accurately and fairly divided. Remember to focus on what is fair and just, rather than what each spouse wants, and be prepared to compromise. With the help of an experienced attorney, you can navigate the equitable distribution process with confidence.
At Jean M. Mahserjian, Esq., P.C, we specialize in family law, including equitable distribution cases in New York. We understand the complexity of valuing assets during a divorce, and we are committed to providing our clients with comprehensive legal support throughout the process.
We can review financial documents, work with expert appraisers, consider tax implications, negotiate with spouses or their attorneys, and represent clients in court. Our goal is to ensure that our clients’ assets are valued accurately and fairly divided, and that their legal rights are protected.
We understand that divorce can be a challenging and emotional time, and we are here to support our clients every step of the way. Our team of experienced attorneys can provide legal guidance, advice, and representation, and work with our clients to develop a strategy that meets their needs and goals.
If you are going through an equitable distribution case in New York and need help valuing your assets, we are here to help. Contact us today to schedule a consultation and learn more about how we can assist you during this difficult time.
