Suffolk County Valuation Issues Lawyer
Retain the Services of a Valuation Attorney
In any New York divorce, marital property, assets, and debt must be divided and distributed on an “equitable” level. Equitable does not mean an even split but in a manner that is fair to both parties. When couples cannot agree on what is fair between them, it will be left up to the courts to decide. Courts will look at various factors in its determination of what is fair. This can be a complicated matter that will require an examination of the spouses’ ages, health, earnings in the past, earning capacity for the future, what each spouse has contributed (or squandered) to the marriage and its financial condition, and much more. Further complicating this matter is how to value property and assets, such as businesses, business interests, valuable artwork, antiques, and more.
Valuation issues that are extremely complicated typically arise in high net worth divorce cases. However, they can also complicate even less affluent families. Either way, representation by an experienced attorney is paramount if you wish to ensure that your legal rights are protected and the best possible division is arranged. You may need the resources of a law firm that can provide reliable experts to locate and value marital assets properly so that the issue can be resolved through mutual agreement or by court decision.
Need legal help valuing marital assets or businesses? Phone Simon Law Group, PLLC at (631) 237-9525 or reach out through our online request form to arrange for a complimentary consultation today.
Valuation Issues in New York
Marital property that must be divided equitably in a separation or divorce can involve any kind of asset that was accrued by the couple after the date of their marriage. Examples include:
- The marital home
- Other real estate, such as vacation homes, rental homes, raw land, apartment buildings or commercial properties
- Bank accounts
- Stock portfolios
- Pensions and IRAs and other retirement accounts
- Family-owned businesses or business interests
- Vehicles, including RVs
- Boats and yachts
- Antiques and collectibles
- Assets held in overseas accounts
In some very antagonistic breakups, one spouse may be hiding assets from the other. These assets must be discovered, located, and valued. Valuing assets can also be a complex matter, as in valuing business interests in cases where one spouse works actively in the business to further its success while the other spouse does not.
Once your divorce case has been filed with the court, you will generally be given a date or dates from the court by which each asset must given a valuation. The date by which an asset must be valued may depend on certain factors, such as whether its value is based on passive or active activity. For example, your bank accounts are not directly affected by either spouse’s active contribution. Thus, their date for valuation may be set according to the date of a monthly statement. Contrast that to the date for valuation of a business where your spouse works on a daily and active basis towards increasing its value. These valuation dates may vary widely. Furthermore, the business valuation will require an expert in business valuations while the bank statement will not.
Another crucial factor is that, while a divorce is pending, neither party to the divorce can take actions that might squander, reduce, or entirely wipe out the value of a marital asset. If this is done, that spouse will likely see his or her share of the assets reduced an equivalent dollar amount by the court.
Retain Simon Law Group, PLLC for Marital Property Valuation
Determining the fair market value of any martial property or asset can be a complex matter. First, it must be determined what is marital as opposed to separate property. In some cases, separate property may have been commingled with marital property, further complicating the issue. Valuing business interests can also depend on when the business was established in relationship to the marriage and other factors. Throughout all of these variations, you will need a savvy and diligent attorney who knows how to handle all of the aspects of property valuation so that your rights are protected and your best interests are pursued.
Need legal assistance? Reach out to our Suffolk County valuation issues attorney at (631) 237-9525 today.
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