Let Stevan A. Nosonowitz handle your asset division

Seek equitable distribution

Whether you're seeking child and spousal support or you need help with the allocation of debt responsibility, Stevan A. Nosonowitz can handle your case. Mr. Nosonowitz is an expert in matrimonial law with over 30 years of experience.

You can depend on Mr. Nosonowitz to be your advocate for the division of retirement account assets, the valuation of a family-owned business or real property, and the division of personal property and awarding the family homestead.

Misconceptions about dividing property

When you go through a divorce in New York, property that is subject to divorce proceedings is divided according to the rule of equitable distribution. Although most people assume this means a 50/50 split of the estate, this is not necessarily true. To be equitable means that the division is fair, not equal.

Sometimes, one spouse has a significantly higher income or more assets than the other spouse. In a case like this, the assets or debts would be divided unequally, or the court might award spousal maintenance or alimony.

It is also important to note that there is a difference between marital property and separate property assets. Only marital property is subject to equitable distribution, and it includes any property that has been acquired during the marriage. Debts that have been incurred during the marriage are also considered part of this picture.

Meanwhile, separate property includes property that you owned prior to getting married, inheritances you received, personal injury settlements, and some gifts received during your marriage that retain their separate property nature.

Dividing retirement accounts

Depending on your situation, your retirement account could be considered marital or separate property during your divorce.

For example, if you accrued the entirety of your retirement account by yourself prior to marriage, that is considered separate property. If only a portion was owned prior to marriage, only that portion will be treated as separate property.

All retirement accounts that are accrued during your marriage will be considered joint property and are subject to equitable distribution.

If you have significant retirement account assets, a qualified domestic relations order (QDRO) may be required.

When your spouse is awarded a share of your retirement account to ensure equitable distribution in your divorce, a QDRO orders the administrators of your retirement account to transfer a share of the account to your spouse.

A QDRO allows the transfer to be done in a way that doesn't require the redemption or sale of your account, thus avoiding tax penalties for early withdrawal.

Consider the tax consequences

An important financial issue that is often overlooked when going through a divorce is tax. You should make sure taxes are accounted for in any divorce proceeding or structured separation.

There are many tax consequences to consider. For instance, child support is not counted as income and is not the basis of a tax deduction. However, spousal maintenance or alimony is counted as income, and thus a tax deduction is required to the spouse who is paying it.

You should also figure out whether you should file your taxes jointly or separately, who gets the benefit of dependent child deductions if you do file separately, and the potential tax advantages if you wait to finalize your divorce.

Get the assistance you need for your case. Call Stevan A. Nosonowitz today!

High asset cases

Mr. Nosonowitz has significant experience in either settling or litigating high asset divorce cases.