New York Equitable Distribution Lawyer

Stephen Bilkis & Associates is led by New York equitable distribution lawyer Stephen Bilkis, who has nearly 30 years of experience handling divorce, equitable distribution, and other matrimonial matters in New York. The firm has handled hundreds of equitable distribution cases, and its attorneys collectively have more than 300 years of legal experience.

If you are going through a divorce, you may be worried about whether you can keep your home, how your retirement savings will be divided, what will happen to a business you built, or whether you will be responsible for debts you believe should belong to your spouse. You may also be concerned that your spouse has transferred money, undervalued property, or failed to disclose assets. We start by learning how you and your spouse built your financial life, what property and debts you have, and which assets matter most to your financial security after the divorce.

Every marriage has a different financial picture. Some spouses own a home, a few bank accounts, and retirement plans through work. Others have businesses, professional practices, investment properties, stock options, pensions, brokerage accounts, or assets that have been combined with marital funds over many years. We identify the assets and debts, determine which may be marital or separate property, and look closely at valuation and ownership issues that could affect how the marital estate is ultimately divided.

Throughout his legal career, Stephen Bilkis has earned recognition from several respected legal organizations and rating services, including selection to the New York Super Lawyers list, a distinction limited to 5% of attorneys in the state. He has also received an Excellent rating from Avvo, recognition as a Top-Rated Lawyer by Justia, and recognition from Expertise.com and TopLawyer.com. If you are facing a divorce involving the division of property or debt, contact an experienced New York equitable distribution lawyer at Stephen Bilkis & Associates at 800.696.9529 to discuss your case.

New York Divorce Statistics and What They Mean for Property Division

Going through a divorce can feel isolating, but you are far from alone in facing hard questions about your home, your savings, and your debts. Stephen Bilkis & Associates has spent nearly three decades helping New York spouses through these same questions, and that experience allows us to anticipate the issues most likely to arise in your case. We use what we have learned from hundreds of equitable distribution matters to build a plan around your goals from the very first meeting.

According to the New York State Department of Health, 16,532 divorces were granted in New York City in 2022, and more than one in five divorces statewide that year ended marriages of 20 years or longer. Long marriages often involve pensions, retirement accounts, a home with significant equity, and decades of savings that have been mixed together. With years of experience handling hundreds of equitable distribution cases in New York, we understand how to trace, value, and divide these assets so that our clients receive their fair share. Whatever your situation, whether your marriage lasted two years or thirty, contact the experienced New York equitable distribution lawyers at Stephen Bilkis & Associates to learn how we can help.

How Equitable Distribution Works in New York

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.

New York’s approach to dividing property in a divorce is set out in Domestic Relations Law § 236(B), which calls for marital property to be divided equitably, meaning fairly under the circumstances, and a fair division is not always an equal one. Spouses anywhere in New York can reach their own agreement on how to divide their property, and if they cannot, a Supreme Court judge in the county where the case is filed will decide after weighing the factors listed in the statute, which for Manhattan cases means the Supreme Court of the State of New York, New York County, at 60 Centre Street in New York City. The New York 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.

During initial consultations, clients often ask us whether they and their spouse can simply decide on their own how to divide their property. They can, and the court will generally accept a written agreement on the division of property and debts as long as it meets New York’s legal requirements. Before signing anything, though, it is important to have an experienced New York divorce lawyer review the agreement to make sure you understand what you are giving up and that the terms are enforceable.

Marital Property and Separate Property

Many people going through a divorce feel anxious and unsettled because they do not know which of their assets their spouse can claim a share of, and that uncertainty can make it feel impossible to plan for life after the marriage ends. In fact, one of the questions clients most frequently ask us is whether property in their name alone is protected from division. The answer is not automatically, because property acquired during the marriage is generally marital regardless of whose name is on the title, while property in your name alone may be protected if it qualifies as separate property, such as an asset you owned before the marriage or an inheritance you kept separate from marital funds.

Stephen Bilkis helps clients identify which of their assets are marital and which are separate, and he challenges attempts by the other side to reclassify property. The firm traces the history of each significant asset, including when it was acquired, how it was paid for, and whether it was later mixed with marital funds.

Marital property generally includes the following, regardless of whose name is on the title:

• Income earned during the marriage: Wages, salary, bonuses, and other earnings received by either spouse while married are generally treated as marital.
• Property purchased with that income: Homes, vehicles, investments, and other assets bought with money earned during the marriage are usually marital.
• Retirement benefits earned during the marriage: The portion of a pension, 401(k), or IRA that built up while the spouses were married is generally subject to division.

Separate property generally includes:

• Property owned before the marriage: Assets you had before the wedding typically remain yours alone.
• Inheritances: Money or property you inherited belongs to you, as long as you keep it apart from marital funds.
• Gifts from someone other than a spouse: A gift from a parent, relative, or friend is generally your separate property.
• Compensation for personal injuries: An award for pain and suffering from an injury is generally treated as separate.
• Property designated as separate in a prenuptial or postnuptial agreement: Assets that a valid agreement labels as separate stay with the spouse who owns them.

Separate property can lose its protection when it is commingled with marital funds, and an increase in its value may become partly marital when it results from the other spouse’s contributions or efforts. Stephen Bilkis and his team use bank records, closing documents, and account statements to trace separate funds and protect them. With a clear understanding of what belongs to you and what is subject to division, we help clients negotiate a resolution that replaces uncertainty with peace of mind about their financial future.

Factors New York Courts Consider

When a judge decides how to divide your property, the result can shape where you live, how you retire, and how much financial security you have for the rest of your life. Stephen Bilkis presents the facts of each case in a way that shows the court why a particular division would be fair to his client. Our approach is to identify which of the statutory factors 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 start of the divorce, the length of the marriage, each spouse’s age and health, the need of a custodial parent to live in the marital home, and the loss of inheritance rights, pension rights, and health insurance that the divorce will cause. Courts also consider any maintenance award, the contributions of a spouse who cared for the home and children while the other built a career, the liquid or non-liquid nature of the property, each spouse’s probable future financial circumstances, the tax consequences of the division, wasteful dissipation of marital assets, transfers made in anticipation of the divorce, domestic violence, and any other factor the court finds just and proper. Our experienced New York equitable distribution lawyers gather testimony and documents that show the court the real contributions each spouse made to the marriage, including contributions that never appeared on a paycheck.

Dividing Marital Debt in a New York Divorce

It can be devastating to walk away from a marriage only to discover that you are still responsible for credit cards, loans, or tax bills you knew nothing about. Stephen Bilkis helps clients resolve disputes over how mortgages, credit card balances, car loans, business debts, and tax liabilities will be allocated. The firm reviews every debt to determine when it was incurred, what it was used for, and whether it benefited the marriage.

Debts incurred during the marriage for marital purposes are generally divided along with marital assets, while debts that one spouse took on for purely personal purposes may be assigned to that spouse alone. A divorce judgment does not change a creditor’s rights, so a spouse whose name remains on a joint account can still be pursued if the other spouse fails to pay. The New York equitable distribution lawyers at our firm negotiate terms that require refinancing, payoff, or indemnification so that clients are protected if a former spouse defaults.

Businesses, Professional Practices, and Professional Licenses

If you spent years building a business or a professional practice, the thought of your spouse claiming part of it can feel like losing something you created with your own hands. Stephen Bilkis represents both business owners and spouses of business owners in disputes over closely held companies, medical and dental practices, law and accounting firms, and other professional interests. Our approach is to work with qualified valuation experts early so that the value presented to the court is supported by solid financial analysis rather than guesswork. The portion of a business acquired or built up during the marriage is generally subject to equitable distribution, and valuing it may require reviewing tax returns, profit and loss statements, compensation paid to the owner, and personal expenses run through the company.

A related question we often hear from business owners and their spouses is what date will be used to value the marital property. It depends on the type of asset. A business or other property that changes in value because of a spouse’s efforts is often valued as of the date the divorce was filed, while property that rises or falls with the market, such as a stock portfolio or a home, may be valued closer to the date of trial, and the court has discretion to choose the appropriate date for each asset.

Under an amendment to New York law that applies to divorces filed today, courts no longer treat the enhanced earning capacity from a professional license or degree as marital property, but they may consider a spouse’s direct or indirect contributions to the other spouse’s education or career when dividing property.

Retirement Accounts and Pensions

For many couples, retirement savings are the largest asset they own, and dividing them incorrectly can cost a spouse thousands of dollars or trigger unexpected taxes and penalties. Stephen Bilkis handles the division of 401(k) plans, IRAs, government and union pensions, deferred compensation, and stock options. The firm separates the portion of each account earned during the marriage from the portion earned before it or after the divorce began, so that only the marital share is divided.

Retirement benefits earned during the marriage are generally marital property, even when the account is in one spouse’s name only. Pensions are often divided using a formula that gives the non-employee spouse a share of the benefits earned during the marriage, and many retirement plans can only be divided through a separate court order, known as a qualified domestic relations order, that the plan administrator must approve. A New York equitable distribution lawyer at our firm can make sure these orders are drafted correctly and submitted promptly, because a mistake or delay can result in lost benefits.

Dividing the Marital Home in a New York Divorce

Leaving the home where you raised your children or built your life together can be one of the most emotional parts of a divorce, and it is often the most valuable asset the couple owns. Stephen Bilkis represents spouses who want to keep the marital residence as well as spouses who want to be fairly compensated for their share of it. We evaluate whether keeping the home is financially realistic for the client, taking into account the mortgage, taxes, insurance, maintenance, and the client’s income after the divorce.

The court may award the home to one spouse and offset its value with other assets, order the home sold and the proceeds divided, or allow a parent with custody of the children to remain there for a period of time. If the home was owned by one spouse 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 or renovations. Stephen Bilkis & Associates obtain appraisals and payment records so that each spouse’s share of the equity is calculated accurately.

Hidden Assets and Dissipation of Marital Funds in a New York Divorce

Suspecting that your spouse is moving money, underreporting income, or spending marital funds to leave you with less can make you feel powerless in your own divorce. Stephen Bilkis stands up for clients whose spouses have concealed assets, transferred property to relatives or friends, or wasted marital funds on gambling, affairs, or other personal spending. Our approach is to follow the money through the documents rather than relying on the other spouse’s word.

Once a divorce action is filed, automatic orders take effect that generally prevent either spouse from transferring, hiding, or wasting marital assets while the case is pending, and each spouse must also file a sworn statement of net worth disclosing their income, assets, and debts. When assets may be concealed, Stephen Bilkis and his team analyze tax returns, bank and brokerage statements, credit card records, and business documents and, when necessary, use discovery, subpoenas, and forensic accountants to trace and value them. When a spouse has wasted or hidden marital property, the court can take that conduct into account and award the other spouse a larger share of what remains.

For example, if a client came to us after a 15-year marriage, convinced that her husband was underreporting the income from his Manhattan consulting business, our approach would begin with the financial disclosure process in the Supreme Court, New York County, at 60 Centre Street, where both spouses must exchange their financial documents, and file their statements of net worth with the court, at least ten days before the preliminary conference. We would compare his sworn statement of net worth against the business’s tax returns, bank statements, and credit card records, and if personal expenses such as car payments, travel, or dining were being run through the company, we would bring in a forensic accountant to calculate the business’s true income and value. That analysis would give our client the leverage to pursue a fair share of what the business is really worth, whether through negotiation or at trial.

Enforcing an Equitable Distribution Award in New York

After months of negotiation or litigation, it is infuriating when a former spouse simply refuses to sign over a deed, transfer an account, or make a payment the judgment requires. Stephen Bilkis helps clients enforce equitable distribution awards and settlement agreements after a divorce is final. Our experienced New York equitable distribution lawyers act quickly to enforce the terms, because assets can be spent, sold, or moved the longer a former spouse is allowed to delay.

The court has several tools available to enforce a property division, including money judgments, orders directing the transfer of property, and contempt proceedings. When a retirement account or pension was supposed to be divided, the fix may be as simple as obtaining the necessary 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 facing a divorce and are concerned about how your property and debts will be divided, contact an experienced New York equitable distribution lawyer at Stephen Bilkis & Associates today for a free consultation at 800.696.9529. Tell us about your marriage, the property and debts involved, whether a court date or order is pending, and what you hope to accomplish. We will discuss your situation and identify the next steps that may be available.

Stephen Bilkis has received professional honors and ratings that include selection 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 New York City, including Manhattan, Brooklyn, Queens, the Bronx, and Staten Island, as well as Nassau County, Suffolk County, Westchester County, and other communities in the New York area.