Knowledgeable Legal Guidance In High-Asset Divorce
Joan Iacono has been a family law and real estate attorney for more than 30 years, representing clients in Bronxville and throughout the surrounding cities and counties of New York. Her experience in both areas of practice gives her unique insight into the challenges involved in high-asset property division during divorce.
Joan Iacono‘s clients include business owners, medical and financial professionals, retirees and other individuals with substantial assets. She is knowledgeable about the myriad facets of complex property division, including:
- Valuing businesses and professional practices
- Dividing IRAs, 401(k)s, pensions and retirement accounts
- Dividing stock options, investment property and real property
She works with many of the leading independent financial investigators, forensic accountants and property valuation experts in preparing cases.
In New York, Both Spouses Are Considered Financial Partners
New York is not a community property state. Instead, it uses the principle known as “equitable distribution of property.” In distributing property equitably, the court considers not only the person whose name is attached to the asset, but also each party’s contribution to the acquisition to the assets – whether that contribution was direct or indirect.
The laws of New York are designed to protect the spouse who was not the principal wage earner, but might be performing other duties in the marital partnership.
“You must look at marriage as a partnership, a financial partnership. One spouse may be the homemaker raising children, or directly working behind the scenes which enables the other spouse to handle the financial transfers, trading and all that,” said Joan Iacono. “The spouse who doesn’t directly contribute cash still contributes because he or she is the other half of the partnership. In New York, not only the mom but also the stay-at-home dad has rights that need to be recognized, not just in property settlement but in child custody and spousal maintenance.”