Determining the Value of Assets in a Fairport, NY Divorce (2024)

As someone who is entering the complex terrain of New York divorce law, it is essential that you take time to understand how this life change will impact your assets and financial future. As you look to protect yourself and your rights it may be helpful to work toward determining the value of assets in a Fairport, NY divorce. Trotto Law Firm, P.C. believes understanding the specific value of all of your assets can help to ensure a fair and just distribution and division of assets.

How to Determine the Value of Your Assets

Having a fair and accurate valuation of assets during a divorce is crucial to ensure an equitable division of marital property. This can ensure that you receive a settlement that accurately reflects the value of all marital property and that you get full asset distribution. Below are effective strategies to achieve accurate valuations:

• Work With a Professional Appraiser: A simple and effective way to ensure you have a fair valuation of assets is to work with a professional. By working with a licensed real estate and personal property appraiser, your properties and personal items can be accurately reviewed to give you a fair market value that can be used in divorce term determination.
• Work With a Trusted Divorce Lawyer: By working with a divorce lawyer, you are giving yourself access to a legal advocate who can provide you with solid advice and help facilitate fair negotiations between you and your spouse. A lawyer can present your case in court if you and your spouse are unable to reach a fair agreement on asset division following New York’s equitable distribution rule.
• Gather and Analyze Documentation: You can personally review and use relevant financial documents, including property deeds, bank and investment statements, tax returns, and business financial statements, to verify the current values of assets and establish a clear understanding of the asset landscape.
• Review Market Comparisons: It can be helpful to research recent sales of similar real estate properties, vehicles, or antiques to understand the current market value of a home, vehicle, or unique item to ensure your valuation is fair.

By using a combination of professional appraisals, open communication with your spouse, and market research, you can work towards achieving a fair valuation of assets during a divorce to ensure the divorce terms are, in fact, equitable and based on accurate information.

How Understanding the Value of Assets is Key in a Divorce

Understanding the accurate value of assets during a divorce is key as it impacts property division, negotiations, and future planning. Accurate valuations help to ensure a fair settlement, reduce potential disputes, and give a clear picture of the financial situation moving forward. It is key to partner with legal professionals to get evaluation assistance as it can enhance clarity and support a smoother divorce process.

Understanding the asset values you are working with enables individuals to make informed decisions about their divorce settlements. This can include assessing whether to retain specific assets, whether you should accept cash equivalents, or whether you should pursue other financial arrangements instead of the one that is being offered.

FAQs

How Do You Calculate Assets in a Divorce?

How you calculate assets in a divorce generally involves several steps to ensure an accurate and fair division of property between divorcing spouses. Generally, both spouses work to create a complete inventory of their assets and differentiate between marital and separate assets.

It is often recommended that all assets have an accurate valuation and then be split between spouses following either a community property law or an equitable distribution law, depending on the location.

How Are Marital Assets Divided in a Divorce in New York?

In New York, marital assets are divided under an equitable distribution rule which divides marital assets fairly, but not necessarily equally or 50/50. New York courts will review a variety of factors when determining how to divide assets fairly. These factors can include the income of each spouse, the duration of the marriage, the contributions to the marriage of each spouse, future financial circumstances, and other related items.

What Am I Entitled to in a Divorce in New York?

In New York, what you are entitled to in a divorce varies depending on the different factors that impact a divorce, including the nature of marital assets, the length of the marriage, and each individual’s current and future circumstances. While spouses are rightfully owed an equitable division of assets, one spouse may be awarded spousal maintenance or child support if it is applicable to the unique case.

What Is Considered a Marital Asset in New York?

What is considered a marital asset in New York is any income, property, asset, or debt that is acquired by either spouse during the time they were married, regardless of whose name is on the agreement or title. Generally, what is considered separate property is assets that belong solely to one spouse and were acquired before the marriage, inherited, or gifted. They will not be divided between spouses and will remain with the spouse, who is the rightful owner.

How Can I Protect My Assets in a Divorce?

You can protect your assets in a divorce by first understanding the laws that dictate how assets are divided during a divorce in your state and ensuring that your personal property is properly classified and documented so it is not up for division during your divorce settlement determinations. It can be helpful to meet with a qualified divorce attorney who can help you understand your rights and create legal strategies to protect your assets moving forward.

Speak With a Trusted Divorce Lawyer as Soon as Possible

As you are working through the often challenging and complex legal details of a divorce in New York, it is essential that you partner with a local divorce lawyer who can help you navigate the process with ease and confidence. Reach out to Trotto Law Firm, P.C. today to set up an initial consultation to learn how we can assist you through your divorce, prioritize your goals, and protect your rights along the way.