How to Divide Luxury Assets in a New York Divorce
If you are getting divorced, you will need to determine the true value of your assets in order to divide them fairly. Read on to learn more.
What if My Spouse is Hiding Assets?
Assets can be hidden in a variety of ways. There are a few ways a spouse can hide assets during a divorce, such as:
- Overpaying on taxes so they can get the money back in a refund the following year
- Asking an employer to delay a promotion or raise until after the divorce
- Delaying the receipt of a large commission from work
- Transferring assets to a friend or a separate bank account
Additionally, you may not be able to rely on your spouse to disclose the true value of an asset. Even if you are on good terms, he or she may attempt to undervalue the asset in order to keep it or avoid splitting it fairly. For these reasons, it is generally a good idea to bring in an expert to determine the true value of your luxury assets and uncover any hidden assets.
How are Luxury Assets Divided?
Luxury assets can be especially difficult to split, but they can be divided in a number of different ways. A common example is that of couples that own vacation homes together. In many cases, both spouses can keep ownership by splitting the time they have there. This can ensure that neither spouse has to give it up. However, there are other cases in which a spouse may need to give up certain assets so they can keep others. If one spouse wants to keep a certain high-value item, they have to compensate the other spouse with assets that are of a similar value. It is important to keep equitable distribution in mind during this time, as it is used to settle a fair division.
Should I Sell my Assets?
You may be wondering whether you should simply sell some of your luxury assets. This is not necessary in every case, but it may be beneficial in the following situations:
- It may be too costly or impractical to keep certain assets as a single adult
- The asset’s sentimental value may be tied to the marriage
- Spouses may need the money to pay for their divorce or certain marital debts
If you are getting divorced, you will need the help of a dedicated attorney. Contact our firm today to speak with an experienced divorce attorney.
Contact our Firm
The Law Office of Peter L. Jameson, PLLC understands the harsh implications of relocation can have on a child and his or her parents. When you have a contested relocation matter, it is important to have an experienced attorney to represent you in court. If you are faced with a relocation matter in Rockland County, contact The Law Office of Peter L. Jameson, PLLC today to schedule a consultation.