Equitable Distribution

In New York State, the law provides for an “equitable distribution” of assets and liabilities that were accumulated throughout the duration of a marriage. The majority of the accumulated assets obtained during the marriage are considered to be marital with a few exceptions. The first step in determining equitable distribution is to evaluate the total assets and liabilities. If an individual is considering filing for divorce, it is important that he or she determines what constitutes marital and separate property as early as possible.

In New York State, the law provides for an “equitable distribution” of assets and liabilities that were accumulated throughout the duration of a marriage. The majority of the accumulated assets obtained during the marriage are considered to be marital with a few exceptions. The first step in determining equitable distribution is to evaluate the total assets and liabilities. If an individual is considering filing for divorce, it is important that he or she determines what constitutes marital and separate property as early as possible.

A court considers marital property to be that which is acquired during the term of the marriage. Marital property includes real estate, vehicles, bank accounts, and debt among others. Separate property is that which was held solely before the marriage took place and remained separate throughout the course of the marriage. Compensation from a lawsuit is considered separate property as well as any inheritance or gift during the marriage if they were kept separately and were not combined with joint assets. Separate property may become marital property when they are combined with other assets that are jointly owned by both parties.

In certain circumstances, such as adding a spouse’s name to a deed later on in the marriage or making capital improvements to a shared home, the court will analyze the situation differently. The court will look at the duties and income of each party over the course of the marriage. Additionally, a court will decide about the division of assets when a party cannot come to an agreement. If the court is left to decide, some assets may need to be sold or one party may have to buy out the other. Individuals are encouraged to settle on their own as long as the terms are fair and in the best interests of both parties.

An uncontested divorce has its advantages. By reaching a separation agreement, there is a guaranteed and expedited result. Additionally, legal fees will be minimized. Also, a separation agreement can be better tailored to meet the needs of the parties, and takes the uncertainty of a court ordered outcome out of the equation.

It can be overwhelming to navigate the divorce process especially when it comes to protecting your assets and making sure that the best interests of your children are maintained. Seeking the guidance of an experienced New York divorce attorney may be crucial to peacefully resolving potentially contentious issues. The divorce lawyers of Mcguire & Peláez, PC e are sensitive to your needs, skilled in handling divorce and family court matters, and will fight zealously for your rights. For more information or to schedule a consultation, contact our Long Island divorce law office at (631) 348-1702.