Distribution of Assets

Intangible Assets in New York Divorce Cases

By The Law Offices of Paul A. Boronow, PC on July 24, 2017

High Net Divorce FAQs In Nassau CountyDivorce cases can be complex. There are potential aspects of the process such as separation agreements, maintenance payments, custody concerns, property and debt division, and others. Only the Supreme Court of the State of New York grants divorces, unlike many other states. The entities within the county commonly known as “family courts” or “domestic relations courts” work on related issues such as child support, spousal support or maintenance, custody and visitation; however, the granting of a divorce is specifically at the discretion of the supreme court.

The division of assets and responsibilities is often a point of contention between the couple. Divorces have two classifications, “contested” and “uncontested,” based on the ability of the couple to reach mutual agreements on their own. Read the rest »

3 Reasons to Update Your Estate Plan After a Birth or Adoption

By The Law Offices of Paul A. Boronow, PC on August 10, 2015

New York Estate PlanningWelcoming a new child into your family is a joyful moment and a cause for celebration. While you’re preparing space for the new child, it’s also wise to plan time to speak to your Long Island estate planning and family law attorney about updating your estate plan. If you or your family don’t have an estate plan in place, it might be time to create one. Here’s why: Read the rest »

Considering Divorce? 3 Ways to Begin Protecting Your Financial Well-Being Now

By The Law Offices of Paul A. Boronow, PC on June 10, 2015

When you’re considering a divorce, it’s wise to begin by consulting an experienced attorney for advice tailored to your specific needs and situation. It’s also wise to start protecting your financial health as soon as you can.

In many ways, a divorce is similar to splitting up the assets and debts of a business. In a business arrangement, both partners seek to walk away with an equitable share of assets and liabilities that will allow them to pursue their goals in the future. Your financial goals should be similar in a divorce. Here are three steps to take toward a healthy post-divorce financial future: Read the rest »

When to Seek Help Dividing Up Household Items in a Divorce

By The Law Offices of Paul A. Boronow, PC on March 10, 2015

NY DivorceDuring a New York divorce, you and your spouse will be faced with the task of dividing up your marital property in an “equitable” fashion. Marital property includes big ticket items like bank accounts, stock accounts, retirement accounts, businesses, real property and the like. “Equitable” may not always mean “equal,” but an equitable distribution of assets and debts should be fair to both parties.

Dividing up your marital property includes deciding who will take which items of personal property from the household. This is not always easy, especially when you or your spouse find you have an emotional attachment to certain items. Read the rest »

An Introduction to Qualified Domestic Relations Orders (QDROs) in New York

By The Law Offices of Paul A. Boronow, PC on February 6, 2015

When spouses divorce in New York, determining each spouse’s rights to access pensions and other retirement accounts can be complex. Although New York’s Domestic Relations Law views pensions as marital property, experienced Long Island divorce attorneys are familiar with the many ways in which sorting out pension and retirement rights can complicate the divorce process. Working with an experienced lawyer is one way to ensure the process goes more smoothly.

Retirement plans are categorized as “qualified” if the plan is covered by the Employee Retirement Income Security Act (ERISA) or as “non-qualified” if the plan is not covered by ERISA. A qualified plan is divided during a New York divorce by means of a Qualified Domestic Relations Order, or QDRO. Read the rest »

Three Reasons to Remember Retirement Benefits During a New York Divorce

By The Law Offices of Paul A. Boronow, PC on February 4, 2015

Divorce can be complicated. In addition to identifying, managing, and splitting marital assets in an equitable way, you must also juggle the emotional toll of ending a marriage with the responsibilities of setting out on your own once again – and the difficulties of making that happen. You may also still have children at home and need to figure out child support or custody issues.

In the midst of all these responsibilities, it can be easy to overlook pensions and retirement benefits, especially if you are not the spouse who has been accruing them. Here are three reasons not to let these assets slip by the wayside: Read the rest »

Recognizing the Differences Between Separate and Marital Property

By The Law Offices of Paul A. Boronow, PC on January 7, 2015

NY Asset DivisionOne of the key issues during a New York divorce is how to divide the property owned by one or both spouses. New York law focuses on “equitable distribution,” seeking a roughly equal distribution of assets and debts that take into account the financial position of each spouse as well as what assets and debts must be divided.

One of the first steps in dividing property during a divorce is to determine which assets and debts are shared marital property, and which belong to one spouse or the other separately. As a rule, New York views any property acquired after the marriage as “marital property,” belonging to both spouses, which must be divided equitably between them in a divorce. Even if a particular asset or debt is titled in the name of only one spouse – such as credit card debt or a professional license – it will likely be considered marital property if it was acquired during the marriage. Read the rest »

How Are Property and Assets Divided in a New York Divorce?

By The Law Offices of Paul A. Boronow, PC on January 5, 2015

From the perspective of the separating spouses, divorce is often an emotional battle. However, it is also a financial transaction. You and your spouse have built a financial relationship together, most likely sharing both assets and debts during the marriage. One of the key issues in a divorce is dividing the marriage’s assets and debts between the spouses.

New York is an “equitable distribution” state, which means that its divorce laws focus on dividing both assets and debts fairly between the spouses. Although “fairly” can mean “equally” in some cases, an equitable division is not always an equal one. Instead, equitable distribution looks at each spouse’s earning capacity after the marriage, as well as other factors, when deciding how both assets and debts should be split. Read the rest »

Top Three Marital Assets You May Have Overlooked

By The Law Offices of Paul A. Boronow, PC on December 2, 2014

If you’re preparing for a divorce, you’ve probably considered the fact that marital assets will need to be split between you and your spouse. You may even have a list of the assets that came to mind: your house, the family vehicles, your savings and retirement accounts.

When you’re going through divorce, however, it’s important to identify all the assets held by the marriage, so that a truly equitable split can be made. Here are the top three assets divorcing couples most commonly overlook: Read the rest »

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