How Can You Ensure Fair Asset Distribution in New York High-Value Divorce?

Giving You A Voice in New York

Divorce is hard on everyone in the family; there is no way around that. Emotions and tempers frequently run high, and losing sight of essential matters is often unavoidable. During such a heated time, having someone who can remain impartial and calm is vital. This is where a dedicated divorce lawyer from Divorce in New York can make a difference for you.

Our lawyers are compassionate, skilled, and knowledgeable about New York family law. We understand the nuances of New York divorce laws and that no one enters a marriage believing it will end in dissolution. We know it is a painful decision that shocks the entire family, and we empathize with the trauma. We will treat all parties with the respect and understanding they deserve while still aggressively pursuing the resolution required. If you believe your former partner is hiding assets to avoid a fair and complete allocation of the marital property in your divorce settlement, call us at 914-344-5145 for a consultation.

What is Spousal Maintenance?

Maintenance is an award given to the spouse who earned less during the marriage so that they may continue to live the lifestyle they have become accustomed
Factors calculated according to New York’s spousal support calculator:

• The amount of each party’s gross income;
• The marital property to each person;
• Each person’s financial resources may include the potential worth of any business the person owns or is currently operating.
• An honest opinion of the economic needs of each individual
• Whether or not the award would be tax deductible or eligible for other tax credits.

Spousal Maintenance is one of the most factious aspects of divorce and may cause significant contention for many couples. At The Law Offices of Joseph A Marra, PLLC, we focus on finding solutions that work. Call us at 914-344-5145 for a consultation.

What Does it Mean When Assets Are Hidden in a Divorce Settlement?

The first thing you should know is that, unlike many other states in the US, New York is not a Community Property state. This means that, for divorcing couples, all assets are divided fairly and equitably. You may be surprised by how long your ex may hide assets from you to avoid an equal distribution of marital property.

The discovery process is the first thing that happens in any complex divorce proceeding with many financial assets to discuss. This is a time when your spouse is required to turn over all financial records. Some people transfer assets like property into someone else’s name to avoid giving it up in divorce. Another popular method is to gift large sums of money to family members to keep it off bank ledgers and make it appear that the person has fewer resources than they do. People go to great lengths to appear less wealthy than they are.

How Are Hidden Assets Discovered?

Thankfully, there are multiple ways to find assets hidden from view quickly. Nothing is ever truly made invisible. A skilled lawyer can help resolve the problem and get you the settlement you deserve. There are multiple steps, and every case is different. What follows is an example and not intended to be a one-size-fits-all account.

1.  Check the Tax Returns- There is much information in these records. On the tax forms, be sure to check the “Income from Wages,” “Business Income,” “Capital Gain,” “IRA Distributions,” Pensions and Annuities,” and “Income from Interest and Dividends exceeding $400; this section may have information about savings accounts, bonds, and money markets. Be sure to closely examine schedules A, B, C, D & E. A forensic accountant will best locate the information required to help move your case forward. Your divorce attorney will know what information is needed to help you.
2.  Check to see if taxes were ever overpaid. Many people use this method to deflate their income.
3.  Look at bank accounts, loan applications, and financial statements to see if your spouse has applied for a loan. This can be time-consuming, but you will learn much about your spouse’s financial picture.
4.  Trace public records. Once again, this is a time-consuming process. Your lawyer should hire a professional forensic accountant or private investigator who finds the records that point to hidden assets. County court records, county property deeds, and county clerk’s offices are excellent resources to begin your search.

What Types of Assets Can You Help Me Find?

We are known for creating solutions that secure the desired assets while considering your future after divorce. Focused on resolution while preparing for litigation if needed, our divorce attorneys constantly work with the proper experts to assess not only the current values of your marital assets at the time of your divorce but also consider the potential long-term gains or loss of the assets years later. We can help you find:

• Business ownership,
• Family Trusts,
• Retirement and Investment accounts
• Real estate and property issues
• Complex tax structures
• Now – Bitcoin and NFTs

What If My Ex is a High-Earner?

Income over $203,00 will not affect the amount suggested by New York’s spousal support calculator. The judge may increase the award if they find a lawful reason. They must provide a written order justifying the adjusted amount, their reasoning, and all the factors considered when reaching their conclusion.

We know what a painful decision you have made. Our lawyers are knowledgeable and empathetic. We are here for you. Call us at 914-344-5145 for a consultation.