In a matrimonial action for divorce or separation, all of the assets or debts acquired by either spouse during the marriage (from the date of the marriage to the date of the commencement of a legal action) are marital and subject to equitable distribution, unless those assets were received by gift or inheritance and properly segregated from marital assets.  Even if the asset is titled in one party’s name, the asset is marital and subject to equitable distribution.

Income earned from working is marital, and consequently, all pension, 401k, 403b, IRA, TDA and other deferred compensation accounts are marital and are subject to equitable distribution.

“All assets acquired during the marriage, no matter in whose name they are held, are marital and subject to equitable distribution unless received by gift or inheritance and not commingled with marital assets.”

If a spouse undertook educational studies or received a vocational license during the course of the marriage, the studies or license may have enhanced the earnings ability of the spouse and the enhanced earning capacity of that spouse is a marital asset that is subject to equitable distribution.  A forensic evaluator can value the enhanced earnings capacity based on the education or license and the other spouse can receive an equitable share of the value of the enhanced earnings capacity.

“The enhanced earnings capacity of a spouse many times is worth between one hundred thousand dollars and over a million dollars and may very well be the most valuable asset of the marriage to be distributed.”

Either party can make a claim that an asset is separate property.  To succeed on the separate property claim the party claiming it has to prove by competent evidence that the asset was either owned prior to the marriage or was received by that party by gift or inheritance.  Furthermore, the party has to prove that the asset was not commingled with marital property and that it has not been transmuted into a marital asset.  Proving a separate property claim is a very difficult burden and requires satisfactory proof and a strong application.

“Aggressive and experienced legal representation is imperative to properly litigate separate property claims.”

The equitable distribution of assets in New York State does not mean that each party will receive and equal share.  The Supreme Court sits in “equity" and has the power to divide the assets and debts in any percentage as the court finds fair and equitable.  Though the court will usually split assets and debts equally, the lawyers at the Law Offices of Paul A. Boronow, P.C. have successfully argued that the assets or debts should be distributed in an unequal split based on the parties’ individual contribution to the assets or debts, or based on one party wasting or squandering assets of parties to the detriment of the marital net worth.

“Equitable distribution does not mean an equal split of the assets and debts; you can receive more or less of the assets and debts depending on the circumstances of your case and the way your case is presented to the court by your lawyer.”

You are entitled to full disclosure of all income, assets and debts, and your attorneys can use various discovery devises to determine true income and the value of all of the assets. Many times a spouse will try to hide income or assets in an attempt to alleviate the income or assets from being distributed. You need strong legal representation to discover all the marital income and assets and have them properly valued. The attorneys at the Law Offices of Paul A. Boronow, PC, regularly value assets such as businesses, real property, pensions, enhanced earning capacity, collectables, stocks, stock options and other market accounts, off shore assets and accounts and numerous other assets.  We utilize discovery devices such as Interrogatories, Demands for Discovery and Inspection of documents, Examinations before Trial (depositions or EBTs), investigators and asset search companies and a host of other methods.  We utilize forensic expense analyses to determine if the expenditures of the parties are consistent with the stated income of the parties.

“You need strong and aggressive attorneys to conduct thorough discovery to find all of the income and marital assets, no matter how well hidden.”

When the court makes a determination as to the equitable distribution of assets and debts the following statutory factors are utilized:

1. Income and property of each party at the time of marriage, and at the time of the commencement of the action;
   
   
2. Duration of the marriage and the age and health of both parties;
   
   
3. The need of a custodial parent to occupy or own the marital residence and to use or own its household effects;
   
   
4. The loss of inheritance and pension rights upon dissolution of the marriage as of the date of dissolution;
   
   
5. Any award of maintenance;
   
   
6. Any equitable claim to, interest in, or direct or indirect contribution made to the acquisition of such marital property by the party not having title, including joint efforts or expenditures and contributions and services as a spouse, parent, wage earner and homemaker, and to the career or career potential of the other party;
   
   
7. The liquid or non-liquid character of all marital property;
   
   
8. The probable future financial circumstances of each party;
   
   
9. The impossibility or difficulty of evaluating any component asset or any interest in a business, corporation or profession, and the economic desirability of retaining such asset or interest intact and free from any claim or interference by the other party;
   
   
10. The tax consequences to each party;
    
    
11. The wasteful dissipation of assets by either spouse;
    
    
12. Any transfer or encumbrance made in contemplation of a matrimonial action without fair consideration;
    
    
13. Any other factor which the parties find to be just and proper.

Equitable distribution is complex and requires competent legal representation.  If you are contemplating getting a divorce, or if you have received a letter from an attorney or a summons for an action for divorce or separation, you should consult with experienced matrimonial attorneys without delay so you can determine and protect your legal rights.

The lawyers at the Law Offices of Paul A. Boronow, P.C. have been prosecuting and defending matrimonial actions across Long Island and New York City in Nassau, Suffolk and Queens Counties for over twelve years with positive results.  We are well versed in equitable distribution law.  We are aggressive and dedicated and remain a mere phone call away.

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