New York is an Equitable distribution state which means that the division of assets acquired by spouses during their marriage are divided between them in a fair manner. Unlike some other states in our union who have community property laws, assets in New York state are not necessarily divided 50/50. It is up to the advocacy of the attorney to persuade the court as to the appropriate division of assets.
In New York, marital property is generally defined as assets acquired from the date of marriage until the date a divorce action is filed in court. If you are contemplating a divorce, you should seek out the advice of one of the attorneys at our firm so that you can best protect your assets.
The nature of marital assets can be complex. The attorneys at Geffner Kersch have extensive experience in representing spouses with sophisticated financial holdings which may include the valuation and protection of business interests (for which buy- sell agreements may be relevant), distribution and preservation of pension and other retirement assets, the impact that the acquisition of a license and/or degree may have on the distribution of other marital assets between the parties.
The distribution of assets within a spouse's executive compensation package can be a daunting task. In order to leave no stone unturned, an in-depth understanding by your attorney of the high level employee's (e.g. CEO, CFO, CIO) salary, stock options, restrictive stock, deferred compensation package, golden parachute payout, severance agreements, and retirement holdings is essential.
The distribution of pension plans and retirement accounts is common in divorce cases. In certain circumstances, a court must grant a Qualified Domestic Relations Order (QDRO's) to divide Employee Retirement Income Security Act (ERISA) based plans. Other eligible pension, retirement or disability plans such as military retirement plans or state pensions must be divided by a judicial order.
It is important for your attorney to recognize any claim you may have to separate property which should not be placed into the marital pot. This issue commonly arises in connection with the value of the marital residence. Attorney Alisa Geffner recently lectured to matrimonial attorneys in Nassau County, Long Island about separate property credits in the division of assets in divorce cases.
The attorneys at Geffner & Kersch are skilled negotiators who will be involved every step of the way in securing the best distribution for you. We serve clients in the greater New York City area, which includes all five boroughs in addition to all of Long Island and Westchester counties.