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A divorce in SoHo is more than just ending your marriage contract. It is also a formal process of dividing your marital estate between you and your spouse, and this can be a contentious process in several ways. An experienced SoHo property division lawyer is the ideal asset to have on your side if you are facing a divorce and have concerns about its implications for your financial future.
The Levoritz Law Firm has built a strong reputation for handling high-asset and high-net-worth divorce cases in SoHo and the surrounding communities of New York City since 2005. We understand the unique financial concerns that many professionals, business owners, and executives have when it comes to divorce and have the answers to common questions about New York’s equitable distribution rule for property division in divorce.
Our team will carefully review your financial situation, listen to your concerns, and explain how we can help throughout your divorce proceedings. We understand that you are likely to have various concerns about how much of your property you may lose in your divorce, what property is solely yours to keep, and future financial implications from the outcome of your case. Rest assured, we can address your concerns and guide you through your case efficiently.
As of 2023, the divorce rate in New York was 2.4 per 1,000 residents. A married person may enter a petition for a no-fault divorce on the grounds of irreconcilable differences; it is not necessary to prove that their spouse committed any wrongdoing, only that the marriage has irretrievably broken down, and further attempts to reconcile would not benefit either party.
You will need to submit a financial disclosure statement to resolve all of the financial elements of your divorce, including property division. This packet must include complete and accurate records of all your financial information, including your income streams, investments, business interests, real estate, and valuable physical property like jewelry and artwork. A SoHo property division attorney can help you compile your financial disclosure statement and ensure accuracy.
Under New York’s equitable distribution rule for property division in divorce, each of the divorcing spouses may keep their separate property, and all marital property is subject to division. The equitable distribution rule aims for the fairest possible division of assets, but not necessarily a strict 50/50 division of assets. The respective incomes of both spouses, the total amount of separate property each owns, and other factors go into this determination.
Property division is understandably one of the issues most likely to lead to conflicts in divorce cases. Each spouse must submit a complete and accurate financial disclosure statement, but it is possible for a divorcing spouse to attempt to hide assets or engage in other deceptive practices to shield property from division. You need an experienced attorney to provide transparency during the financial disclosure phase so you have a better chance of reaching a fair result.
Experienced legal representation is especially crucial in a high-asset divorce. If you and/or your spouse control complex and diverse assets, the property division requires accurately valuing all of these assets, classifying them as either marital or separate property, and then determining the fairest possible way to divide marital assets under New York’s equitable distribution rule.
Ultimately, any divorce can raise various difficult financial questions for the divorcing spouses. Experienced legal counsel is a crucial asset to have on your side, and the Levoritz Law Firm has an extensive record of successfully resolving complex high-asset divorce cases for clients in SoHo and the surrounding communities of New York City. Reach out to our firm as soon as possible so we can start working on your case.
In a New York divorce, the property that can’t be touched is each spouse’s separate property. This typically includes any property they owned before marriage that was never commingled with their spouse’s property, inheritance they received from blood relatives, and gifts given specifically to them. Marital property includes income earned by the spouses, property purchased jointly, and any other assets acquired by either spouse during the marriage.
In SoHo, the penalty for hiding assets from property division can include criminal charges for contempt of court, and the New York County Family Court judge handling the case may also award that spouse a smaller share of marital property. Additionally, the spouse who attempted to illegally hide assets could be forced to pay for the other spouse’s legal fees.
Yes, a retirement account can be split in a SoHo divorce. Specifically, the contributions made to the account and the interest earned on the account during the marriage qualify as marital property and are therefore subject to division under New York’s equitable distribution rule. When a retirement account is split in property division, a Qualified Domestic Relations Order can enable the spouses to divide the account into separate accounts without incurring penalties.
The cost to hire a property division lawyer in SoHo largely depends on how long it takes to resolve your divorce. Most family law attorneys in New York charge an hourly rate, so the more time they spend working on a divorce case, the more it costs their client. Carefully review your attorney’s billing policy at the outset of your case so you know what to expect when it comes to your legal fees.
The Levoritz Law Firm can provide confident and responsive legal counsel for property division and the other aspects of your divorce in SoHo. We have a strong reputation for handling complex high-asset divorce cases and can address the concerns you are likely to have about the future financial implications of your divorce. Contact us today and schedule your consultation with an experienced SoHo property division lawyer.
This page has been written, edited, and reviewed by a team of legal writers following our comprehensive editorial guidelines. This page was approved by Founding Partner, Yonatan Levoritz who has more than 20 years of legal experience as a divorce & family attorney.
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