      
  4.9 
   146 reviews

Protecting Assets During Divorce In NY

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Kantrowitz, Goldhamer, Graifman, Perlmutter & Carballo, P.C.

10b9db026d89119e951a851045ac17eee7784f79

Written/Reviewed By:

Barry S. Kantrowitz, Esq.

Last Updated: Aug 22, 2023

Read Time: 3 mins

Divorce is a challenging process, filled with emotional turmoil and legal complexities. One of the most contentious issues during a divorce is the division of assets. It’s crucial to understand your rights and take proactive steps to protect your financial interests. In Rockland County, New York, having a knowledgeable divorce lawyer by your side can make a significant difference in securing a fair settlement.

New York follows the equitable distribution law, meaning the court divides marital property in a way that is fair, but not necessarily equal. Several factors are considered, including the duration of the marriage, each spouse’s financial and non-financial contributions, and future financial needs. Understanding these factors and how they apply to your situation is vital.

To start, it’s essential to have a comprehensive inventory of your assets. This includes not just your bank accounts, real estate, and vehicles, but also less obvious assets like retirement accounts, stock options, and valuable personal property. Ensure that you have all the necessary documentation, such as deeds, titles, and recent statements. Transparency is key; attempting to hide assets can lead to severe legal consequences and a loss of credibility in court.

Distinguishing between separate and marital property is another critical step. Separate property, typically acquired before the marriage or through inheritance and gifts, is not subject to division. However, it’s important to note that commingling separate property with marital assets can transform it into marital property. For example, depositing an inheritance into a joint bank account may jeopardize its separate status.

Debts also play a significant role in asset division. Similar to assets, debts incurred during the marriage are usually considered marital and are divided equitably. Be sure to have a clear record of all debts, including credit card balances, mortgages, and loans.

If you have a prenuptial or postnuptial agreement, it can greatly influence the division of assets. These legal documents specify how assets and debts should be divided in the event of a divorce. Ensure that your agreement is valid and up to date to avoid potential disputes.

During a divorce, emotions can run high, and it’s easy to make hasty decisions that you might later regret. It’s crucial to keep a level head and think long-term. Quick settlements might provide immediate relief but could lead to financial hardship in the future.

Another aspect to consider is the tax implications of asset division. Certain assets, like retirement accounts and real estate, can have significant tax consequences when divided or sold. Understanding these implications is vital to making informed decisions and avoiding unexpected tax liabilities.

It’s essential to have a Rockland County, NY divorce lawyer who understands the intricacies of New York’s divorce laws and can provide the guidance and support you need. An experienced lawyer can help you navigate the legal process, advocate for your interests, and work towards a fair settlement.

At Kantrowitz, Goldhamer, Graifman, Perlmutter & Carballo, P.C., we understand the complexities of divorce and asset protection in New York. Our experienced team is dedicated to providing compassionate and comprehensive legal support to ensure your financial interests are protected. Let’s work together to navigate this challenging time and secure a stable financial future.

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Client Reviews

    
 
 
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   LWelsh 
 29 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Clever and efficient.
  
 
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   Kenny Perlow 
 50 days ago
 
 
 Trustindex verifies that the original source of the review is Google. KGG Law, and Barry Kantrowitz in particular, set the bar high for what a thorough, practical, strategic, compassionate and smart lawyer can be. Everything about Barry's advice and representation was exemplary and the stress mitigation that resulted was invaluable. On top of that, the ultimate result Barry achieved was beyond what was reasonable to expect and we are forever grateful. Often, people say that you hire a lawyer to prevent a problem. Sometimes, unfortunately, you need an attorney to solve a problem and I could not recommend Barry and his firm any more highly in that regard.
  
 
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   Aliza Ali 
 114 days ago
 
 
 Trustindex verifies that the original source of the review is Google. My dad had a great experience with this law firm. From the very beginning, the team was professional, knowledgeable, and always willing to answer our questions. They kept us informed throughout the entire process and made what could have been a very stressful situation much easier to handle. We truly appreciated their dedication, honesty, and hard work. Thanks to their support, my dad felt confident every step of the way. We are very grateful for everything they did and would highly recommend this firm to anyone looking for reliable legal representation.
  
 
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   Jana Montero 
 117 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I had a wonderful experience working with Sam Smith. He was very responsive, thorough, and easy to work with from start to finish. He walked me through everything clearly and made what started as a very stressful situation for me into something completely manageable. I would not hesitate to recommend him and the firm!
  
 
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   Mike Sakmann 
 123 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I sought legal advice regarding an employment matter and had an excellent experience working with Sam Smith, Esq. at KGG Law. Sam was thorough, attentive, and took the time to listen carefully to my concerns before providing clear, thoughtful guidance. I appreciated the professionalism and care shown throughout the process, and I would confidently recommend KGG Law to anyone in need of legal assistance.
  
 
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   Liz Hecker 
 129 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I can't say enough about this firm. They manage to comfort you during the whole legal process while staying professional and doing what is right. I would recommend them to anyone and also hire them again if I need legal help.
  
 
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   Brandy Miller 
 152 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Kate is the best. She helped me very quickly, and was very attentive with all of my needs. So thankful for her
  
 
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   Mike Greenspan 
 165 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Kate Carballo is a dedicated, passionate, and creative attorney whom I had the pleasure to lecture with at a state trial lawyer's conference. Kate's lecture demonstrated how she uses her innovative and "out-of-the-box thinking" to achieve outstanding results for her injured clients. That Kate is certified by the Supreme Court of New Jersey as a civil trial attorney is a testament to her skills, experience and commitment to excellence.
  
 
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   Jonathan Sampson 
 172 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Was referred to KGG law by a friend and could not have asked for better legal representation. They walked me through every step of the process after my accident and began every call with “ how are you feeling” which was just one example of how much they care about their clients. They handled my case very efficiently, professionally and courteously. My attorney Kate Carballo was a rock star! So clearly experienced, she consistently made me feel at ease with the process. Highly recommend
  
 
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   Vinnie Kung 
 175 days ago
 
 
 Trustindex verifies that the original source of the review is Google. We had a great experience with the team at KGG Law. While it was a traumatic time for our family, they made it very easy for us and explained all of our options. They even performed due diligence to make sure that after our settlement, there would be no further issues which I think is even more important than the settlement itself. Thank you!

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