Queens Equitable Distribution Divorce
A Queens equitable distribution divorce lawyer can help you when you are curious about how assets and liabilities will be divided in the course of your New York divorce. A Queens equitable distribution divorce attorney is the person you should turn to with all of your questions to ensure that your inventory is up to date and that you have all of the relevant assets and liabilities put together. This means that any credit cards or lines of credit opened in the names of both spouses or used by both spouses will also be divided. If the spouse responsible for paying his or her share, however, doesn’t hold up that end of the bargain, this could damage the credit of the other spouse, so the right language in the documents is crucial.
Property is always divided equitably when two people get divorced in New York. This can lead to equal division of property but it does not in every single case. A judge is responsible for determining a division of property that is most fair, considering what each spouse will need to do to move on with their life and what they contributed to the marriage. Equitable distribution is a common way of dividing a married couple's property when the get divorced. The court must divide the marital property including liabilities fairly.
Although the guidelines say it should be a fair outcome, it is important to have an equitable distribution divorce lawyer in Queens to help you to ensure that your rights inside of the story is being represented. The judge looks at many different factors in determining what is an equitable distribution of property, including:
- Each spouse's health and age.
- The duration of the marriage.
- Each spouse’s property and income when they got married and at the time they filed for divorce.
- Whether the court has already awarded alimony or spousal support payments.
- The liquid nature of all marital property.
- The tax consequences for each spouse depending on the award of property.
- Whether either person has eliminated marital assets.
- Whether any spouse tried to move marital property in anticipation of divorce.
- The needs of the parent who has custody to live in the family home or use its facts.
- The inheritance rights or health insurance and pension assets for either spouse.
Equitable distribution only includes property that is subject to being classified as marital. Marital property includes all of that that has been acquired by one or both parties over the course of the marriage. This is true no matter how that property was held. Every spouse's property that was purchased with income accumulated during the marriage, and the property they bought while married, in addition to retirement benefits generated over the course of the marriage can all be classified as marital property. Separate property, however, is not included for the purposes of equitable distribution of property. This property can include a number of different types and this is why it is a good idea to put together an inventory that includes all property and then make a second pass to figure out what should be excluded because it is separate. Separate property in the state of New York includes:
- Compensation for personal injuries to either person.
- Any property that was classified as separate property in a prenuptial agreement.
- Property that either spouse obtained before the marriage.
- Property that was acquired from appreciation of separate property.
- Property that either spouse got as a gift or as an inheritance.
Professional practices or businesses are typically included for the purpose of equitable distribution and this is important for both parties to understand. Having an attorney who has practiced in this field for years can help you significantly as you anticipate division of property.
These concepts can be address in separation agreements as well.