Manhattan Equitable Distribution Lawyer

Since founding Stephen Bilkis & Associates, Manhattan equitable distribution lawyer Stephen Bilkis has devoted nearly 30 years to handling divorce, property division, and other matrimonial cases throughout New York. The firm has handled hundreds of equitable distribution cases, and its attorneys offer more than 300 years of legal experience in total.

Few things create as much uncertainty during a divorce as the question of what will happen to the property you and your spouse have accumulated. You may be concerned about whether you can keep your apartment, how retirement accounts and investment portfolios will be split, what will happen to a business or ownership interest you built, or whether you will be saddled with debts you believe your spouse should carry. You may also suspect that your spouse has transferred funds, understated the value of assets, or kept compensation or accounts out of view. We begin by getting to know how you and your spouse built your finances, what property and debts you share, and which assets matter most to your security going forward.

Manhattan marriages bring together a wide variety of financial circumstances. Some couples have a rental apartment, a few bank accounts, and employer retirement plans. Others have co-op or condominium apartments, year-end bonuses and deferred compensation from finance or law, equity in startups, partnership interests, professional practices, art collections, trusts, second homes, or accounts where family money and marital funds have been blended over time. We identify the assets and debts, determine which are likely marital and which may be separate, and analyze the valuation and ownership issues that can influence how the marital estate is divided.

Many Manhattan clients also want to know how an attorney is viewed within the profession. Stephen Bilkis has been recognized during his career by a number of respected legal organizations, including selection to the New York Super Lawyers list, which is limited to the top 5% of attorneys in the state. He has also received an Excellent rating from Avvo, been named a Top-Rated Lawyer by Justia, and been recognized by Expertise.com and TopLawyer.com.

Splitting Marital Property in a Manhattan Divorce

Going into a divorce with the expectation that every asset will be divided down the middle can lead to an unwelcome surprise when you learn how New York law actually operates. Stephen Bilkis explains the rules for dividing property to clients at the start, so they can weigh their options for settlement and trial with a clear sense of what to expect. We work to put together a realistic picture of a fair outcome before negotiations begin.

Under Domestic Relations Law § 236(B), New York is an equitable distribution state, which means marital property is divided fairly under the circumstances, and a fair division is not always an equal one. Manhattan spouses can reach their own agreement on how to divide their property, and if they cannot, a judge in the Supreme Court, New York County, at 60 Centre Street, will decide after weighing the factors set out in the statute. The Manhattan equitable distribution lawyers at Stephen Bilkis & Associates prepare each case with the evidence needed to win in court, which gives our clients real leverage in negotiations.

The New York County court has its own procedures for contested divorces, and several of them come into play in property disputes:

• Statements of net worth: Each spouse’s sworn financial statement is filed in the General Clerk’s Office in Room 119 of the courthouse.
• Qualified domestic relations orders: The orders needed to divide many retirement plans are filed in the Matrimonial Support Office in Room 311.
• Matrimonial Neutral Evaluation Program: With both spouses’ consent, the judge can refer financial disputes to this free program, where an experienced matrimonial lawyer gives a confidential, non-binding assessment of how a court would likely rule.

We know how these offices and programs work, and we help clients decide whether neutral evaluation could resolve their property issues faster and at lower cost than a trial.

One question Manhattan clients often raise early in the case is whether they can receive part of the marital assets before the divorce is final. In some situations, they can. New York courts have the authority to order an interim distribution of marital property while the case is pending, for example when a spouse needs funds to pay living expenses or legal fees, and any amount distributed early is typically credited against that spouse’s share when the final division is made.

Which Assets Are Marital Property in a Manhattan Divorce?

Not knowing which of your assets your spouse might claim can cast a shadow over every decision you make, from whether you can stay in your apartment to how you will plan for the years ahead. Stephen Bilkis & Associates helps clients establish which assets are marital and which are separate, and the firm contests attempts by the other side to reclassify separate property. We trace the history of each significant asset, including when it was acquired, what funds paid for it, and whether marital money was later added.

Marital property generally includes income earned during the marriage, property acquired with that income, and retirement benefits earned during the marriage, regardless of whose name is on the title. Separate property generally includes property owned before the marriage, inheritances, gifts from someone other than a spouse, personal injury damages awarded for pain and suffering, and property designated as separate in a valid prenuptial or postnuptial agreement..

Separate property can lose its protected status. If it is commingled with marital funds, it may be treated as marital, and an increase in its value may be partly marital when it resulted from the other spouse’s contributions or efforts. Stephen Bilkis and his team use bank statements, closing documents, trust records, and brokerage statements to trace separate funds and protect them for the client.

Tracing what each spouse brought into the marriage matters a great deal in Manhattan, where according to the New York State Department of Health, about six in ten of the 3,209 divorces granted in New York County in 2022 ended marriages of less than 10 years. In shorter marriages, a significant share of a couple’s wealth often predates the wedding, and with years of experience handling hundreds of equitable distribution cases in New York, we know how to document those premarital assets so they stay with the spouse who owns them.

Clients with valuable artwork frequently ask us how an art collection is divided in a divorce. Pieces purchased with marital funds during the marriage are generally marital property, while pieces owned before the marriage or received as an inheritance or a gift from a third party may be separate. Because art can be difficult to value, the spouses or the court typically rely on qualified appraisers, and the collection may be divided piece by piece, sold, or awarded to one spouse with an offsetting payment to the other.

How New York Courts Divide Property in a Manhattan Divorce

A court’s decision about how to divide your property can affect where you live, how and when you retire, and how financially secure you are for many years. Stephen Bilkis presents the facts of each case in a way that shows the court why the division his client is seeking is fair. We identify the statutory factors that most strongly support the client’s position and build the evidence around them.

New York courts consider each spouse’s income and property at the time of the marriage and at the time the divorce was filed, the duration of the marriage, each spouse’s age and health, and whether a custodial parent needs to remain in the marital residence. Courts also consider the loss of inheritance rights, pension rights, and health insurance, any maintenance award, the contributions of a spouse who managed the household and raised children while the other advanced a career, the liquidity of the property, each spouse’s probable future finances, tax consequences, wasteful dissipation, transfers made in anticipation of divorce, domestic violence, and any other factor the court finds just and proper.

Our experienced Manhattan equitable distribution lawyers present testimony and documentation that show the court the real contributions each spouse made to the marriage, including the support at home that allowed the other spouse to work long hours and build a career.

Dividing Marital Debt in a Manhattan Divorce

It can be deeply unsettling to leave a marriage and then learn you may be responsible for credit card balances, loans, or tax bills you never knew about. Stephen Bilkis & Associates represents clients in disputes over mortgages, co-op share loans, credit card balances, personal and business loans, margin debt, and tax liabilities. We review each debt to determine when it was incurred, how the money was spent, and whether it benefited the marriage.

Debts incurred during the marriage for marital purposes are generally divided along with marital assets, while debts one spouse took on for purely personal reasons may be assigned to that spouse. A divorce judgment does not change a creditor’s rights, so a lender can still come after you on a joint account if your former spouse stops paying. The Manhattan equitable distribution lawyers at our firm negotiate provisions requiring refinancing, payoff, or indemnification so clients are protected if a former spouse defaults.

Valuing a Business or Partnership Interest in a Manhattan Divorce

If you have spent years building a company, a practice, or a partnership interest, the prospect of your spouse claiming part of it can feel like a threat to your life’s work. Stephen Bilkis represents business owners and their spouses in cases involving closely held companies, startups, restaurants and retail businesses, medical and dental practices, law and accounting firm partnerships, investment firms, and other professional interests. We work with qualified valuation experts from the early stages of the case, so that the value presented to the court is supported by sound financial analysis rather than assumptions.

The portion of a business acquired or grown during the marriage is generally subject to equitable distribution. Valuing it may involve reviewing tax returns, profit and loss statements, capital accounts, operating and partnership agreements, the owner’s compensation, and personal expenses paid by the business.

As an example of our approach, take a case in which a client’s spouse became an equity partner at a Midtown law firm during their 14-year marriage, and the spouse insists the interest is worth only the balance of a capital account set by the partnership agreement. We would obtain the partnership agreement, several years of K-1s and capital account statements, and the spouse’s compensation history, then work with a valuation expert to determine whether the partnership interest generates earnings well beyond that capital balance. If it does, we would present that analysis in negotiations or at trial so that our client’s share reflects what the interest is actually worth, not just the figure on a single statement.

Since a 2016 change to New York law, the enhanced earning capacity from a professional license or degree is no longer considered marital property, although a court may still take into account a spouse’s direct or indirect contributions to the other spouse’s education or career. We look for ways to divide the value of a business while keeping it intact, such as offsetting it against other assets or structuring payments over time.

Dividing Retirement Accounts and Executive Compensation in a Manhattan Divorce

Retirement savings, deferred compensation, and equity awards often make up a large share of a Manhattan couple’s wealth, and dividing them improperly can cost a spouse thousands of dollars or trigger avoidable taxes and penalties. Stephen Bilkis & Associates handles the division of 401(k) plans, IRAs, government and union pensions, deferred compensation, stock options, restricted stock units, and similar awards. For each account or award, we separate the portion earned during the marriage from what was earned before the marriage or after the divorce was filed, so that only the marital share is divided.

Retirement benefits earned during the marriage are generally marital property even if they are held in one spouse’s name. Pensions are commonly divided by a formula that gives the non-employee spouse a share of the benefits earned during the marriage, and many plans can only be divided through a qualified domestic relations order that the plan administrator must approve. A Manhattan equitable distribution lawyer at our firm can make sure these orders are drafted correctly and submitted promptly, because an error or delay can result in lost benefits.

Dividing a Co-op, Condo, or Marital Residence in a Manhattan Divorce

Deciding what happens to the apartment you have called home can be one of the most emotional parts of a divorce, and in Manhattan, that apartment is frequently the couple’s most valuable asset. Stephen Bilkis represents spouses who want to keep the marital residence and spouses who want fair compensation for their share of it. We look closely at whether keeping the apartment is financially realistic, considering the mortgage or share loan, monthly maintenance or common charges, assessments, taxes, insurance, and the client’s income after the divorce.

A court may award the residence to one spouse and offset its value with other assets, order it sold and the proceeds divided, or allow a parent with custody of the children to remain there for a period of time. If one spouse owned the apartment before the marriage, the other spouse may still have a claim to part of any increase in value resulting from marital contributions such as mortgage payments, maintenance, or renovations. The firm obtains appraisals and payment records so that each spouse’s share of the equity is calculated accurately.

Spouses who hope to keep a co-op often ask us whether the building’s board will have a say. Possibly, and it is a practical issue that should be addressed early. Many co-ops have rules in their proprietary lease or bylaws about transfers of shares between spouses, and some require board consent or payment of a fee, so it is wise to review the building’s documents before agreeing to a settlement that depends on one spouse taking sole ownership.

Hidden Assets and Dissipation of Marital Funds in a Manhattan Divorce

Suspecting that your spouse is sheltering money, deferring income, or spending down marital accounts can leave you feeling uncertain about every number they put on paper. Stephen Bilkis and his team represent clients whose spouses have concealed assets, transferred property to relatives or friends, or wasted marital funds on gambling, affairs, or other personal spending. We follow the money through the documents instead of relying on the other spouse’s word.

When a divorce action is brought, automatic orders take effect that generally prohibit each spouse from transferring, concealing, or wasting marital assets while the case is pending, covering the filing spouse from the moment the papers are filed and the other spouse from the moment they are served. Each spouse must also file a sworn statement of net worth disclosing income, assets, and debts. When assets may be concealed, including through delayed bonuses, holding companies, or accounts held offshore, the firm reviews tax returns, bank and brokerage statements, credit card records, and business documents and, when necessary, uses discovery, subpoenas, and forensic accountants to locate and value them. If a spouse has hidden or wasted marital property, the court can take that conduct into account and award the other spouse a larger share of what remains.

Enforcing an Equitable Distribution Award in Manhattan

After a long negotiation or trial, it is infuriating when a former spouse refuses to sign transfer documents, move funds from an account, or make a payment the judgment requires. Stephen Bilkis & Associates represents clients who need to enforce equitable distribution awards and settlement agreements once the divorce is final. Our experienced equitable distribution attorneys in Manhattan act promptly, because the longer a former spouse delays, the more likely it is that assets will be spent, sold, or moved.

The court can enforce a property division through money judgments, orders directing the transfer of property, and contempt proceedings. When a retirement account or pension was supposed to be divided, the solution may be as simple as obtaining the proper court order and submitting it to the plan administrator. We review the judgment, identify exactly which obligations have not been met, and pursue the remedy most likely to deliver what the client was awarded.

Request a Free, No-Obligation Consultation with Stephen Bilkis & Associates

If you are going through a divorce and are concerned about how your property and debts will be divided, contact an experienced Manhattan equitable distribution lawyer at Stephen Bilkis & Associates today for a free consultation at 800.696.9529. During your consultation, you can tell us about your marriage, the property and debts at issue, whether a court date or order is already pending, and what you hope to accomplish. We will discuss your situation and identify the next steps that may be available. Early action matters, because complex compensation, business interests, and investment accounts can take time to document and value, and a spouse who acts first may shape the financial picture to their advantage.

Clients who contact Stephen Bilkis & Associates are working with a firm whose founder’s reputation has been built on recognition from fellow attorneys and respected legal organizations. Stephen Bilkis has been selected to the New York Super Lawyers list, which recognizes the top 5% of attorneys in the state. He is also rated Excellent by Avvo and has been recognized as a Top-Rated Lawyer by Justia, as well as by Expertise.com and TopLawyer.com. Stephen Bilkis & Associates represents clients throughout Manhattan, from the Upper East Side and Harlem to Tribeca and the Financial District, as well as in Brooklyn, Queens, the Bronx, Staten Island, Nassau County, Suffolk County, Westchester County, and other communities in the New York area.