Client’s have come to Studin Young, P.C. during one of the most traumatic and high-stress times in their lives with the following questions:
“What will happen to my multi-million dollar business that I built? Will my spouse be entitled to money from my business?”
“What will happen to our home? Can I live there with our children after we are divorced?”
“Can I keep the money my parents gifted to me during our marriage?”
“How will I afford to move out of the marital residence?”
“Will my spouse be entitled to the significant amount of money I have accumulated in my pension and 401K”?
The above are examples of the hundreds of questions client’s ask during an initial consultation. At Studin Young, P.C. these questions are answered, at times, using a team approach, relying on the expertise of experienced matrimonial lawyers, corporate lawyers, trust and estate lawyers, accountants, business evaluators and financial planners. We answer these questions realistically and with an empathetic approach.
On Long Island and the surrounding boroughs, the financial position of couples vary from high net worth, to living “paycheck-to-paycheck.” Both financial pictures require an experienced attorney to negotiate or litigate an arrangement that will protect your interests during and after a divorce. Studin Young, P.C. has represented many high net worth individuals wherein our client’s own multi-million dollar corporations, small businesses, commercial and residential real estate, and possess significant retirement assets. We have also represented the less-monied spouse in dire need of support from his/her spouse. Our job is to assess every intricate detail of your financial position and guide you towards an amicable resolution, while vigorously protecting and defending your rights. When an amicable resolution cannot be reached, Studin Young, P.C. is well-versed in the local court systems, familiar with the judges and the court personnel, and will “hold your hand,” while protecting your interests during the litigation process.
What is equitable distribution?
Equitable distribution is the part of a divorce where marital assets and debts are distributed, regardless of who holds title. It also includes any increase in the value of property during a marriage due to the contributions of a spouse. New York is a “marital property state,” which means that any asset or debt acquired during a marriage, from the date of divorce until the commencement of a matrimonial action, is subject to division. This can result in an equal division, but not always. Courts can award one spouse a greater share of the property where it is deemed fair and equitable. For example, a court will consider an unequal distribution of property where one spouse engaged in criminal activity, domestic violence, and a wasteful dissipation of marital assets.
What property is separate property that is not subject to equitable distribution?
Property that was owned separately by a spouse prior to the marriage, property that was gifted to one spouse, inherited or awarded to one spouse individually. However, if separate property is “co-mingled” with marital property, or contributed to during the marriage, this can affect whether it will remain one spouse’s separate property.
What if you are not familiar with all the property owned by your spouse?
All matrimonial actions require full and complete financial disclosure of assets and debts. This is accomplished by exchanging Statements of Net Worth, the discovery process and subpoenas. We will help find where property is located, the value of the property, and what you are entitled to.
Often, taking the first step is a difficult one. Our clients have relayed that they left the initial consultation at ease just having knowledge of what their divorce would entail. Call our office to schedule a consultation.