Ensuring An Equitable Division Of Assets
New York is a no-fault state. That does not mean that when a couple gets divorced everything is split down the middle. There are specific considerations when it comes to asset division. Many things can affect how assets are divided, including the length of the marriage, if there are any prenuptial or postnuptial agreements, or if there is a business involved.
I am New York matrimonial attorney Shannon K. Hynes. For over a decade I have worked with couples of all kinds find a better way to divorce and move on. At my office, we are committed to getting you the legal help, guidance and support you need to leave a relationship that is no longer working and start a new chapter in your life.
Dividing Assets Or A Business In New York Divorce
When dissolving a marriage both parties want to know that they are leaving the marriage protected. The most important skill here is accuracy. We need to know what the actual income of each spouse is. This can be complex when a business is involved because there are costs related to running a business.
However, not all costs are viable when it comes to creating spousal and child support calculations. We also need to determine how much a business is making, so we look at W-2 and W-9 documents. Accuracy is important and makes a considerable difference in calculations.
Why You Need A Professional In High-Asset Divorce
Of course, anyone can benefit from seasoned divorce guidance. But people with more than one property, large accumulated assets, a business or businesses or who have received a substantial inheritance have more complex considerations. There are special divorce concerns for same-sex couples.
As an example, for tax purposes, a business owner may be able to write off certain things (vehicles, office space, travel costs). But when assessing child or spousal support payments, the business owner will need to include these costs as income.
- Some businesses appear to make less money due to the high cost of labor (for example, restaurants, laundromats and gas stations). But who is on the payroll? Are family members or friends employed at a higher rate of pay? These are considerations when looking at income.
- If a business owner is taking fancy European vacations and writing off luxury cars, these are most likely not deductible.
- Expenses that are hidden – and are not business-related – are also not deductible (for example, gambling debts).
When it comes to business financials, there is always a paper trail, always a record. We know where to look and how to find what is truly an expense and what is not. Both spouses will have to show what they earn and their ability to earn a certain amount of money. It doesn’t matter if you’ve been married two years or 20, the questions are the same: Who gets the house? What happens to my retirement funds? How will our property and possessions be divided? I can help you understand your rights and responsibilities. I can also work with you to actively protect what is rightfully yours.
Contact Me Today To Begin The Conversation
If you’re looking to move on with your life, as fast as possible with as little grief as possible, then I am the lawyer, and we are the firm, for you. Call or email me, attorney Shannon K. Hynes, at 516-408-3666. I look forward to helping you turn the page and begin a new chapter.