Gilbert L. Balanoff, P.C.
We understand that family law issues
often require attentive and careful consideration.
Equitable Property Distribution
Gilbert L. Balanoff, P.C.
Parties to a divorce proceeding in New York State have the right to have their various property determined.
Equitable distribution does not necessarily mean “equal” distribution.
Equitable may provide one party or the other with a greater or lessor share of a particular asset or of all or none of the assets. In order to determine what is equitable, an in depth discussion and perhaps discovery processes will need to be conducted to reach such a conclusion.
Property is classified as either marital property or separate property. The determining factors are too numerous to go into in depth here. Various facts and circumstances may alter the classification of what one party or the other believes.
Generally and very simply stated – all property obtained during the marriage is deemed to be marital property.
Generally property obtained before marriage, or substituted for such property, obtained by way of inheritance, received as a gift from a person other than your spouse, obtained as a result of a personal injury are considered to be separate property.
Separate property if used in a certain manner or its identity or title are altered during the marriage may cause what was separate property to be classified as marital property. For example one party owns a piece of real property before marriage. After marriage the sole title holder transfers the title into both parties’ names. This will usually create a change in the classification of the property from separate property to marital property thus providing the property to be subject to equitable distribution.
Claims against separate property because of the direct or indirect contributions of the non-titled spouse may create a claim for a percentage of the property or in some cases for a claim against the increase in value of the property.
Even the direct contributions or efforts by the separate property title holder creating an increase in value can be claimed by the non-titled spouse as being subject to equitable distribution.
Other properties which may be subject to equitable distribution are bank accounts, investment accounts, real property, and personal property.
Enhanced earnings for example of an attorney who is an equity partner in a law firm; a doctor in a medical practice, a teacher who continues to gain increases in salary as a result of taking additional college credit courses are just a few areas included in the potential equitable distribution.
Property obtained during the marriage such as advanced degrees, licenses for professional practices, business interests, stock options, bonuses, deferred compensation, pensions, profit sharing, retirement investments, profit-sharing plans, and celebrity status, just to name a few areas which may be subject to equitable distribution.
We engage many professionals to assist us in obtaining valuations and appraisals of complex assets in order to develop a comprehensive plan for settlement or if necessary for presentation before a court for trial.
Gilbert L. Balanoff, P.C
1539 Franklin Avenue
Suite 101
Mineola, NY 11501
Office: 516-741-6996
Fax: 516-877-7221
We Accept Credit Cards
(Visa, MasterCard and American Express)
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Having started out as a prosecutor (assigned to investigate and prosecute Organized Crime and Political Corruption cases), I then proceeded to enter private practice engaged in criminal defense. This prepared me for complex trial work which is sometimes required for complex matrimonial matters.
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Associations
Nassau County Bar Association, Judiciary Committee
New York State Grievance Committee for the Second Judicial Department, 10th Judicial District
Nassau County Bar Association, Matrimonial Committee
Nassau County Bar Association
New York State Bar Association
Nassau County Bar association, Grievance Committee
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I hope that you find the information useful and look forward to meeting with you at the Free Consultation.
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