Protect the state of your empire in your New York divorce

As a successful businessperson, you've worked hard to get where you are. You put in the long hours and went the extra mile to get where you are today. No one can ever take that away from you or deny that you provided for your family as best you could.

Unfortunately, now that your marriage is ending, there is a cloud of uncertainty hanging over everything you have accomplished. You may have questions and concerns about what will happen to all that you've worked so hard to attain. The following brief overview of property division law in New York may address some of those issues.

Not all halves are created equal 

When a marriage ends, the former couple divides the sum total of their assets into two. The two halves, however, are unlikely to be of equal value. New York is an equitable distribution state, meaning each party gets a fair share of the marital property. 

'Fair' is a highly subjective term, and everyone concerned will have his or her own notion of what it looks like. If the two parties cannot agree on their own, a judge must decide how to distribute the assets. It likely won't be an easy decision, and many factors come into play, including:

  • Each spouse's health and age
  • Anticipated future needs of each spouse
  • Property and income of each spouse at the time of the marriage
  • Property and income of each spouse at the date the divorce was filed
  • If an award of alimony is made

You are entitled to retain any income you have earned, and if you have separate property, such as a car or cabin you bought before getting married, it is yours to keep. The marital home, however, even if it's in your name, may still be subject to division.

Adding a legal professional to your list of assets 

You may think that no one knows your business or your property better than you do. However, as an astute businessperson, you also recognize that it may be best to consult with trained professionals for certain undertakings. There is too much at stake during property division to leave anything to chance. 

Not all lawyers have the necessary skills to reach a successful settlement in a high-asset divorce. A knowledge of not only divorce law but also the workings of business are essential, as is the ability to listen to a client and learn the specifics of his or her situation. With an accomplished lawyer on your divorce team, you have the best chance of reaching a satisfactory outcome and reducing the risk of seeing your hard work undone.

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Attorney Philip A. Greenberg represents clients in New York and New Jersey. To schedule a consultation, call 646-363-6807 or contact him by email. He can meet with you in his Manhattan office or in a location convenient to you.

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