Marital Assets or Marital Properties are typically:
- Property acquired during the life of the marriage irrespective of title
- Retirement Benefits of 401K Plans acquired during marriage
- Each Spouses income
- Appreciation of Assets
- Potentially Business interests and Professional licenses
Marital Assets or Marital Properties are typically not:
- Property either party entered the marriage with
- Personal Injury settlement
- Gifts or Inheritances (except from other spouse)
- Property acquired with the appreciation of separate property
- Property carved out by a Pre or Post-Nuptial agreement
Understanding what Property may or may not be subject to EQUITABLE DISTRIBUTION is the easy part. New York considers a multitude of factors in deciding how to split assets.
Some of the more common concerns when a spouse considers entering into a divorce proceeding is that they have no full grasp of the family finances, the spouse who handles the finances refuses to provide access or there is considerable “off the books” non taxable income.
Here the strength of our financial background can play a key role in a full discovery process. We will demand all the basic subpoenaed information, tax returns, bank accounts, credit cards but then we will work with our clients to “think outside the box” and make every attempt to discover assets or income your spouse may be trying to avoid being included in equitable distribution.
Creative discovery is often times extremely important for the “off the books” wage earner. The lifestyle and expenses incurred by these type of workers obviously do not match the reported income and our office will diligently try and create an accurate accounting of true income allowing the Court to impute this income to the spouse,
A party who is either employed by or part owner of a family business offers unique challenges such as an accurate valuation of the business, partnership shares, “non cash benefits of employment, (car leases, rental property uses) Often times we will see a party Fired from the family business after years of service when a divorce proceeding begins.
The Court is empowered to impute income to spouses who for divorce strategy reasons takes up employment as a “guide on the wilderness trail” and give up that six figure job as a corporate attorney. We will chronicle the education, earning history; earning capacity and employment opportunities in the area creating a complete picture. This amount of income will be imputed to the spouse and his obligation to pay child support or maintenance is often times based on this figure.
Conversely, are financial strength allows us to explore the ever-changing economic situation and fully explore situations whereby the income of a spouse had been quite high, and through no fault of their own, dramatic and unexpected changes have affected their industry creating a situation where the spouse will earn significantly less.
THE LAW OFFICES OF ANDREW J GILBRIDE ESQ. will negotiate, argue and aggressively advocate our clients rights to the Property based on tour individual circumstances and the following factors considered by New York Courts:
- Parties’ income at Marriage and at time of Divorce
- Parties’ age and general health
- The duration of the marriage
- Whether there has been an award of Maintenance (Alimony)
- The need to keep the Marital home for the sake of the children
- One spouse’s contribution to the other spouses earning potential
- The wasteful spending of joint assets
- Transfer of Property in contemplation of Divorce
- Tax consequences
- Education and potential to earn future income
- The loss of Health insurance and Pension Benefits
- The nature of the property an the ability to actually evaluate it
- Any other factor the Court deems relevant
PLEASE CONTACT OUR OFFICE TO SET UP A FREE PHONE CONSULTATION