What to Know About Dividing Luxury Assets in a New York Divorce
If you are getting divorced, your marital assets will have to be divided between you and your spouse. As a result, full disclosure is incredibly important. Unfortunately, this does not always occur. Read on to learn more about how to determine the value of luxury assets and uncover hidden assets in a New York divorce.
How Are Assets Divided in New York?
In New York State, assets are divided through the process of equitable division. This means that your assets will be split fairly, but not necessarily equally. In order to divide your luxury assets, you will have to know the true value of these assets. Unfortunately, this is not always easy. You cannot rely on your spouse to tell you the true value of an asset. Regardless of the terms you are on, your spouse may attempt to undervalue certain assets in order to keep them or avoid splitting them fairly. Additionally, your spouse may attempt to hide assets to avoid losing them in the divorce.
How Can Assets be Hidden?
There are various ways assets can be hidden. Some of the most common ways include:
- Overpaying on taxes so they can get the money back in a refund the following year
- Asking an employer to delay a promotion or raise until after the divorce
- Delaying the receipt of a large commission from work
- Transferring assets to a friend or a separate bank account
How Can I Determine the True Value of an Asset?
In order to determine the true value of an asset, it is best to retain the help of an expert. An expert can help valuate your luxury assets and uncover any hidden assets. Reach out to our firm for more information.
Should I Sell my Assets?
There are some cases when it is best to sell your luxury assets. This may be beneficial in the following cases:
- It may be too costly or impractical to keep certain assets as a single adult
- The asset’s sentimental value may be tied to the marriage
- Spouses may need the money to pay for their divorce or certain marital debts
A divorce is a stressful process. Our firm understands the emotional toll a divorce can take. As a result, we are here to advocate for you. Contact our firm to work with any attorney who will be by your side each step of the way.
Contact our experienced Nassau County firm
The Pollack Law Firm, P.C., rated Nassau County’s “BEST” divorce lawyers and proudly serving clients in Nassau and Suffolk County for more than 22 years, is always available to assist and represent parties in divorce, separation and all other matrimonial and family law matters. Contact us online or call today to schedule your complimentary case analysis: (516) 342-3575.