Tangible and Intangible Assets and How They Relate to Divorce

Tangible and Intangible Assets and How They Relate to Divorce

word asset tangible and intangible

Those who are going through a divorce must ask themselves what they can do to work on the distribution of tangible and intangible assets they have accumulated during their marriage.  Garden City divorce attorneys can go over these details in greater depth with you, but the important thing to remember is that both types of assets must be distributed to the couple in a way that is fair to them. Figuring out precisely how to fairly distribute them is often difficult. 

Equitable Distribution

In the event the parties cannot reach a settlement among themselves, they rely upon the court to assist. The role of a court is to determine an equitable distribution of the couple’s assets. Your divorce lawyer in Garden City will do everything that he or she can to try to win a fair distribution for you, but they lose control over the distribution once it is in the hands of the court. This is the way that Divorce law Garden City NY works, and people simply have to accept the fact that if they are unsuccessful after many rounds of negotiation, a disinterested third party will determine their fate. 

What Kind of Factors are Considered?

There are a number of factors to discuss with your family lawyer Garden City NY before you ever get into the courtroom. You will want to make sure you stand the very best chance possible of coming out with a winning outcome. This means, you need the court to consider:

  • Loss of health insurance benefits due to divorce
  • Length of the marriage
  • Age of each spouse
  • Tax consequences for all parties involved
  • Any wasted assets

These, and many other factors, are the critical factors considered by the court.  It seems that there are many things that you will want the court to pay attention to when you are going through a divorce, and you should be prepared to provide support for your position. 

Distribution of Marital Property

At the onset of your case, you need to identify all of the tangible and intangible assets which will have to be distributed.  Examples of tangible assets are houses, cars, bank accounts, and retirement benefits.  Intangible assets are a spouse’s interest in a business, stock options, partnership interests, and present value of a defined benefit plan. These assets often require the services of expert appraisers to determine their value.  There comes a time when Garden City lawyers will explain which assets need to be professionally valued and will recommend various experts depending upon the nature of the asset. The services of Garden City lawyers are particularly useful in this part of the fight because they can help make sure you get your fair share of the assets that are to be divided. You don’t want to leave it up entirely to a court that may not have your best interests at heart. Instead, you need to turn to the help that you can get from Fass & Greenberg for the assistance that you require.

You don’t want to leave the valuation and distribution of assets to chance. Instead, you need to speak with a qualified attorney who knows what they are doing and who is willing to go the extra mile to help you get the help that you need to come out of this situation with the assets that are most important to you. 

It is definitely the case that many people are going to suffer emotional damage when they go through a divorce, but it may be possible for a better outcome to come out of all of this when they speak with the right kind of attorneys who know the ropes and can help you come out on top.

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