Equitable distribution is the process by which a divorcing couple’s shared marital property is divided between them. This process is often complicated and emotionally fraught, with both sides struggling to get a favorable outcome to the distribution. But what should you be taking into consideration when going through equitable distribution?
- Do you have any personal property intermingled with your marital property?
- It is fairly common for spouses to intermingle their assets while they are married, mixing together their funds and personal property without thinking about it. This can become a problem when it comes to divorce, though, because any intermingled assets get divided up along with all other shared property. If you are getting divorced, you should be clear about what is your personal property and what is marital property, so you aren’t surprised about what gets divided.
- What part of the marital property do you absolutely not want to give up?
- Some people may have marital property they absolutely do not want to give up, for one reason or another. They may have a family heirloom they want to hang onto, or some other item that is technically marital property but which they value much more highly than their spouse. Understanding what is most important to you, and to your spouse, can help when smoothing out equitable distribution concerns.
- What happens to the family home?
- Often, spouses getting divorced will begin to live separately either before or during the divorce, but that doesn’t change the fact that there’s often at least one family home that needs to be “distributed” during equitable distribution. The question of who gets to keep ownership of the family home can be a major source of struggle. This is partly over the needs of both spouses, but also because houses are such valuable pieces of property, so consider how much you’re willing to fight to keep your home.
- Who gets to keep the family car(s)?
- Cars, trucks, and other automobiles can also be major sources of strife when it comes to equitable distribution. Access to the family car can be crucial for getting to work or performing essential tasks, so losing access to a car or other vehicle can be a serious issue. What you need to concern yourself with is how much you are willing to fight for ownership of the family car, and whether it is more important than any other interests.
- Do you have shared business interests?
- The issue of how to split up business interests is critical for anyone who owns a family business with their spouse. While some people are okay maintaining shared ownership during and after divorce, more often the equitable distribution process will involve splitting the business in some way. In some cases, it may require selling off the business or closing it entirely, depending on how the dispute is ultimately settled.
If you have questions regarding any aspects of family law, you should seek advice from an attorney experienced in handling these matters. A New York matrimonial lawyer, who is experienced in handling family law cases of all sorts, can advise you of your legal rights and will fight for your best interests in court. If you are facing a dispute related to the equitable distribution of property, child custody, child support, or any other family law issue, contact the Suffolk County family court lawyers at McGuire, Peláez and Bennett at (631) 348-1702, or visit our contact page.
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