Equitable Distribution in Divorce
New York law that determines the division of property and debts after a marriage has been terminated is called equitable distribution. Marital property is any property or assets accumulated during the course of the marriage by both parties, with certain exceptions including inherited property and proceeds from a personal injury proceeding. Equitable does not necessarily mean equal but rather whatever the court decides is fair. The court considers 13 factors when determining the fair division property and debts.
Dividing Marital Property
Defining which spouse has to pay which debts and gets to receive certain assets can be confusing and frustrating. If the couple is not able to resolve these issues with the assistance of counsel, then they will have to take their case before a judge to decide.
Some of the factors the court will consider in deciding equitable distribution include the following:
- How long did the marriage last?
- What are the ages and health conditions of each party?
- Is there a need for the custodial parent to occupy or own the family home?
- What is the probable future financial condition of both parties?
- Has spousal support has been ordered?
- Does either spouse lose out on inheritance or pension rights by filing for divorce?
- Are there tax consequences as a result of the dissolution of marriage?
- What was the income and property of each party when entering the marriage and at the divorce?
Separate property is not included in marital property divided under equitable distribution. The separate property would be any property acquired before the marriage or through a bequest from a party other than the spouse during the marriage. This can include gifts, inheritance, and other items. For further information about what is involved in equitable distribution under New York law, it is advised that you speak with an attorney about the specifics of your situation.
Legal Assistance from a Dedicated Firm
If you need legal assistance with the equitable distribution of marital property in a divorce, it is important to consult with Attorney Lynn Poster-Zimmerman about your situation. She has over three decades of experience in the field of family law and can provide effective counsel and representation in any divorce issue. When you work with her, you will receive the benefit of her extensive knowledge and skills as well as the personalized service she and her staff offer through her small and intimate law office in Huntington.
Contact her office today for immediate legal assistance with your family law issue - (631) 731-1042!