New York Equitable Distribution in a Divorce
A New York equitable distribution in divorce attorney is someone who can help explain to you how your assets and debts in the marriage as of right now may affect your financial future after you get a divorce.
You might assume that all of the property in the marital house will be divided right down the middle during a divorce. This is not the case. The judge will look at many different factors in order to determine the distribution of property that would be most in line with an equitable fashion.
This means that you cannot begin the divorce process without at least knowing what property qualifies as marital. All of this should be listed in a clear inventory so that it can be reflected on. In addition to the property involved in the divorce, it’s important to understand the debts that might also be associated with both spouses. This, too, will need to be divided over the course of the divorce.
A New York equitable distribution in a divorce lawyer will assist you with fighting for the maximum amount of assets you should receive while minimizing your exposure to debts. Courts in the state of New York are responsible for dividing up assets and liabilities at the conclusion of a divorce using a term known as equitable distribution. One of the most common misconceptions about this as shared with many an equitable distribution in a divorce lawyer in New York is that people assume that equitable always means equal. While judges in general will try to divide things in a fair sense, this does not always mean that it is split directly down the middle.
Property is divided equitably in a manner that is deemed fair, allowing each spouse to move forward with their life in an ideal situation. The judge scribes for a fair outcome and considers numerous different factors which could contribute to this, including:
- Each spouse's health and age.
- Whether one of those spouses is staying in the family home and using the assets inside.
- The duration of the marriage itself.
- Each spouse's property and income at the time they married and when they filed for divorce.
- Whether spousal maintenance has already been awarded.
- The liquid or non-liquid nature of all the marital property.
- The financial circumstances likely in the future for each spouse.
- The tax consequences of a property award for each spouse.
- Whether either spouse has wastefully distributed or eliminated marital assets.
- Whether each spouse has an interest in a corporation business or profession, and more.
Only property that is classified as marital can be distributed by the court. This means that each spouse is able to keep their individual property. Marital property includes all of that that is acquired by one or both parties over the course of the marriage. This is true regardless of who holds the title to that specific property with some rare exceptions. Each spouse's income over the course of the marriage, the property that was purchased with that income, the retirement benefits that each individual earned during the marriage and any appreciation of this property is included in marital property.
Businesses, professional practices, and advanced earning capacity as a result of attainment of a professional license or an educational degree could also be classified as property that is subject to equitable distribution. Hiring the right attorney to assist you with your case is crucial for developing a strategy to recover maximum support for your future. Given that this will have a significant impact on your life for the years following, you need to ensure you have a lawyer who cares.
If you discover that the other party has not complied with a court order about distribution of property, you may need to hire a lawyer to help you with enforcement of that issue.