Yes, the court will likely assign interest when an award is to be made over time. While this is generally set at a 5% annual rate, courts in New York have sometimes been known to make the interest rate as high as 9%.
Obviously, this variation could be extremely costly to you, so it’s important that you work with an experienced Queens divorce attorney who can appropriately manage the negotiations or litigation that results in the final award, and who can structure a payment plan that protects you.
People who own businesses, multiple properties, or have simply been wise in their financial management can find themselves in high-stakes divorces against a spouse who is determined to take as much as possible.
You don’t have to lose it all in a divorce in Queens.
Call Zelenitz, Shapiro & D’Agostino today at 718-523-1111 and talk to an experienced Queens divorce attorney for free.