Equitable Distribution of Marital Property

Marital Assets Classification - Business Valuation Issues

One of the most difficult challenges in New York family law is the equitable distribution of marital property. The most prevalent property distribution issues are:

• Classification: Is the property marital or separate?
• Valuation: How much is the property worth?
• Perfecting Interest: How do I protect my interest in the asset?
• Allocating Debt: How do we handle distribution of debt?

Asset Classification

Before property can be divided between spouses, the property must be classified as marital property. Classification issues revolve around such terms as commingling or transmutation. Does this sound complicated? It can be. Some of the more frequent classification issues include the following:

• Property brought into the marriage
• Inheritances
• Pension and other deferred compensation
• Degrees and Licenses
• Businesses
• Gifts
• Stocks and Stock Options
• Real estate
• Bank accounts

Classification issues can be complicated. Eric Gansberg can assist you in preparing to present this issue in the best light to protect your interests.

Asset Valuation

Once the property is classified as a marital asset, it needs to be valued, so the distribution of the property can be equitable. Valuation issues include determining the point in time to value the asset, and the monetary value of the asset. These issues can arise with any asset, but some of the more common valuation issues include the following:

• Trusts
• Pension and retirement plans
• Businesses (including doctors, lawyers, accountants, and other businesses)
• Stocks and Stock Options
• Collectibles
• Real estate
• Bank accounts

We can assist you in obtaining the proper experts to value the asset, as well as assist in any negotiations and documentation for an amicable division of marital property or prepare your case for an adjudication of the property value.

Perfecting Your Interest

Once the marital property is divided, you need to perfect your interest in the property (including QDROs and ERISA plans) to protect the property and yourself. Eric Gansberg can assist you with the preparing and filing the proper documentation.

As you can see, the division of marital property and assets can be very complex and complicated. You should engage an experienced family law attorney to assist you.

For more information, or to schedule a free confidential consultation to discuss you property issues, please call 718-447-3700 or fill out the intake form on the Contact Us page.

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