Your Property And Asset Division Are Subject To Equitable Distribution
In New York, upon a divorce or other action that ends a marriage, the parties are entitled to equitable distribution of their marital assets.
The marriage is viewed by the law as an economic partnership and each party or partner is entitled to his or her fair share of the assets obtained or created by the partnership. These marital assets are to be fairly, not necessarily equally, shared between the parties.
In determining how to fairly divide assets, the court looks at some 14 factors, including each spouse’s contribution to obtaining and maintaining the assets, the length of the marriage, and the income of each party. The court also determines which assets are marital and which are the separate assets of one party.
Separate assets are assets that were acquired prior to the marriage or assets obtained during the marriage either by way of inheritance, by way of a workers’ compensation or negligence claim, or by way of gift from someone other than the spouse.
Sometimes the court must determine whether a separate asset of one spouse has, over time or by way of the nontitled spouse’s contributions, or by way of co-mingling with other assets, has become a marital asset in whole or in part.
Adding to this complex topic is that the division of certain assets such as pensions may require additional legal work or expert work to accomplish its division. The division of certain assets requires consideration of tax implications. Certain assets should not be divided, necessitating a distributive award to the nontitled spouse.
Clearly, equitable distribution is a complicated issue requiring solid legal advice and representation.
Work With Our Experienced Equitable Division Attorneys
We will guide you through this difficult issue to ensure that with regard to equitable distribution, you truly achieve an equitable result. Contact Judd & Moss, P.C., at 631-615-1758 to schedule a free initial consultation. You may also reach out to us online through this website.