New York is an equitable distribution state. However, equitable does not necessarily mean equal. This is a crucial distinction when one spouse operates a professional practice and a knowledgeable divorce attorney can help you ensure you receive your fair share of the practice’s assets in your divorce.
As a family law attorney and Certified Divorce Financial Analyst, Lisa Zeiderman is uniquely positioned to protect your legal and financial interests in divorce.
In order to make sure assets are equitably distributed, they must first have their value accurately determined. This includes determining:
The practice’s worth at the time of divorce will be used to determine how the practice fits in the overall marital property settlement. For example, if a doctor keeps full control of their practice, it will be necessary to distribute other assets to their spouse to keep things equitable.
The value of future business income will be used for the purposes of calculating spousal support and/or alimony as part of the overall divorce settlement.
There are numerous options for how to distribute the value of a professional practice in divorce. A spouse can make the claim that the practice is separate property; the burden of proof rests on the spouse who is asserting that the practice is not marital property.
If the practice is considered marital property, options for division and distribution include:
As your divorce attorney, Lisa Zeiderman can help you negotiate a solution that protects your interests and positions you to move forward successfully. Contact her today to schedule an appointment.