When a married couple goes through the process of getting divorced, they will almost inevitably get involved in a debate over how to distribute their marital property. In some cases, they may not even agree on what exactly counts as marital property, for the purposes of dividing up their assets. But what exactly is marital property, and why is it so important in divorce law?
Continue reading “What is Marital Property, and Why Does it Matter?”
Ideally, all divorces would happen on relatively amicable terms, and both spouses would be able to separate with a minimum of conflict. However, realistically speaking, divorces tend to be tumultuous, and it is rare for spouses to come to a common consensus on their own. Here are five issues that tend to be particular sources for conflict in divorce disputes:
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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?
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In New York State, a judge will determine the equitable distribution of assets if there is no prior written agreement between the parties. Equitable distribution refers to the separation of assets and financial responsibilities of the parties. In order to properly complete this process, a judge must know all of the marital assets and debts, including student loans.
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An individual going through a divorce must disclose a material change in facts during settlement negotiations, otherwise, it may invalidate a settlement provision. On May 11, 2017 the Appellate Division, Third Department invalidated a paragraph of a divorce settlement separation agreement. The court remanded the matter to address the proper equitable distribution of funds.
Continue reading “Make Sure To Disclose All Financial Information During Divorce Negotiations”
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.
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