Ensuring an equitable division of assets begins with accurately determining what constitutes marital property. Equitable distribution of marital property in a divorce applies to any assets acquired during the marriage.
As an experienced New York and Westchester County divorce and separation lawyer, Lisa Zeiderman will help identify which items will be included as marital property, including assets such as pension plans, 401(K) funds, businesses, professional licenses, real estate, and certain liabilities such as loans and credit card debt.
Lisa Zeiderman believes in securing your financial future. She understands the nuances of spousal support laws and is your advocate understanding your concerns and will work for the best possible outcome for you and your family.
Statement of New Worth
A Statement of Net Worth is a sworn statement, usually exchanged at the commencement of any action for divorce, that outlines each party’s income, assets, expenses, and outstanding debts.
A Statement of Net Worth is used to assess how much money makes up the marital pot and, therefore, is available to be divided between the parties. Failure to disclose assets at this stage, while sadly not uncommon, can have serious consequences. The court can take negative inference from any deliberate withholding of financial information, which means it can penalize the offending spouse when deciding who gets what in divorce proceedings. Documents such as bank statements and bills, are needed to look for evidence that all assets have been accounted for in the Statement of Net Worth.
Valuation of Assets
New York is an equitable distribution state. Equitable does not mean equal. The process of dividing marital assets can be complicated and strenuous, regardless of the net worth or value involved. In order to protect yourself from an unbalanced or unfair division, it is essential to enlist the help of a trusted New York divorce attorney experienced in the specifics of property valuation and equitable distribution.
Family law attorney Lisa Zeiderman and her team are well equipped to handle every aspect of your divorce.