Manhattan Property Division Lawyer

Under New York divorce laws, property is classified into two main categories: marital property and separate property.

Marital Property: This includes most of the wealth accumulated by couples during their marriage, regardless of whose name is on the title. Examples include homes purchased during the marriage, vehicles, businesses started during the marriage, and even intangible assets like retirement accounts and stock options.

Separate Property: Refers to assets owned by either spouse prior to the marriage or acquired by either spouse individually through inheritance or gift from someone other than the spouse, as well as personal injury awards and compensation for pain and suffering in lawsuits. Separate property can become marital property if it is commingled with marital assets or both spouses contribute to its increase in value.

Properly categorizing assets into these two groups is a foundational step in any property division process during a divorce.

Valuing high-asset properties during a divorce in Manhattan involves a detailed and sometimes complex appraisal process, given the diverse and often unique nature of the assets involved. This process is crucial as it significantly impacts the equitable division of property between the parties.

Key high-asset properties that typically require evaluation include:

• Real Estate: This category encompasses primary residences, vacation homes, and investment properties, each with its own set of valuation challenges.
• Business Interests: Assessing a business’s worth involves understanding both tangible assets, such as property and equipment, and intangible assets like brand goodwill and future earnings potential.
• Art and Collectibles: Items such as artworks, antiques, and collectibles need expert appraisers who can authenticate and provide valuations based on the latest market conditions.

To ensure accurate valuations, each spouse might engage their own professional appraiser. Disparities between these independent valuations can lead to the necessity of a third appraisal, often mandated by the court to resolve differences.

The initial phase of property division involves documenting and valuing all marital property. Given the complexity and uniqueness of certain assets, the help of a skilled property division attorney in Manhattan is essential. At The Law Office of Richard Roman Shum, Esq., we can coordinate with trusted appraisers and financial experts to ensure a thorough and accurate assessment of your assets.

Contact us today at (646) 259-3416 to learn more about how we can help.

When a court in New York decides on asset distribution during a divorce, it adheres to the principle of equitable distribution. This does not necessarily mean equal division but rather what is considered fair based on a range of factors.

Here’s an overview of what the court usually considers:

• Duration of the Marriage: Longer marriages may see a more equal split of assets, reflecting the contributions of both spouses over time, whereas shorter marriages might result in each spouse retaining more of what they brought into the marriage.
• Age and Health of Each Spouse: The age and physical and emotional health of each spouse can influence decisions, especially if one spouse may no longer be able to work or has higher medical expenses.
• Income and Property at Marriage: The court looks at what each spouse brought into the marriage, including income, assets, and liabilities. This helps in determining how much each contributed to the marital estate.
• Current Income and Future Earning Capacity: The court assesses the current earnings of each spouse and their potential to earn in the future. This is particularly relevant for determining how assets and responsibilities should be divided to maintain a semblance of the standard of living enjoyed during the marriage.
• Non-Monetary Contributions: Contributions to the marriage that are not financial, such as homemaking, child-rearing, and the support given to enable the other spouse to pursue career goals, are also considered.
• The Needs of Each Spouse: This includes the potential requirement for a spouse to find appropriate housing or to fund further education to enhance job prospects.
• The Presence of Children: The needs of the children are paramount, and how assets are distributed can reflect their needs, especially concerning their primary residence and the financial stability of the custodial parent.
• Tax Consequences: The court considers how different ways of splitting assets will affect each spouse’s tax obligations.
• Loss of Inheritance and Pension Rights: In divorces, especially later in life, considerations might be made for how the divorce affects potential inheritance or pension benefits that one spouse would have received if the marriage had continued.
• Wasteful Dissipation of Assets: If one spouse has recklessly spent marital funds or mismanaged marital property, this behavior will likely impact the court’s decision on asset division.
• Transfer or Encumbrance Made in Contemplation of a Matrimonial Action: If there’s evidence that one spouse attempted to hide or devalue marital assets anticipating divorce proceedings, this will also be factored into the court’s decisions.
• Any Fault in the Breakdown of the Marriage: Although New York is a no-fault divorce state, if marital misconduct by one spouse financially disadvantaged the other, this might influence asset distribution.

Given these factors, the court attempts to reach a decision that is fair and addresses the financial independence and well-being of both parties post-divorce. 

Handling property division requires a deep understanding of New York’s equitable distribution laws and a strategic approach to asset management during the divorce process. Our skilled property division lawyers from The Law Office of Richard Roman Shum, Esq. can provide essential guidance to ensure that property assessments are fair and all legal nuances are properly addressed.