Long Island Equitable Distribution Attorneys
Is NY an Equitable Distribution State?
In New York, anything owned by the spouses must be accounted for and categorized as either "marital" or "separate" property. Separate property remains with the spouse that is its sole owner and marital property is subject to division.
Separate Property - Separate property is generally defined as goods that were acquired by a spouse either before the marriage or after the divorce was commenced. The most common examples of separate property acquired during the marriage are gifts from third parties, personal injury awards, and inheritance. However, if separate property was commingled with marital property, it may become subject to division, such as if a home owned by one spouse prior to the marriage that appreciated in value while lived in by both, that appreciation may be a marital asset.
Marital Property - The more complex and litigated assets are those considered marital property. These comprise any asset acquired or accumulated during the marriage regardless of by which spouse. While some assets are easy to value, such as cash, stocks, bonds, and real estate, some assets are subject to serious litigation. Examples of assets that typically involve complex valuation are future earnings or the value of a business.
Other than the issues relating to the children of divorcing or separating spouses, the division of assets is the most important and often contentious issue. In these matters, it is important to have a professional at your side who can properly present your interests while protecting your legal rights to the fullest extent. A family law and divorce lawyer at The Virdone Law Firm, P.C. can offer you empathetic support along with dedicated legal representation that will help you seek a positive resolution in regard to property division.
We help clients in Queens, Nassau, and Suffolk Counties in the area of property division and all divorce or family law matters.
Factors Assessed by the Court During Property Distribution
The state does not mandate an even split, so even after assessments are made, experienced divorce attorneys can best maximize your share and ensure that all assets are discovered.
Factors weighed by the courts include:
- The age and health of each party
- The length of the marriage
- The earning power of each spouse
- The separate property of each spouse
- The contributions of each spouse to the marriage, both financial and homemaking
- Contributions of one spouse to the career of the other
- Waste of assets by either spouse
- Occupancy / ownership of the marital residence
- Spousal support
- The probable future financial circumstances of the parties
- Any transfer or encumbrance made in contemplation of a divorce action without fair consideration
When you work with an attorney at our Nassau County law office, you will find that we have vast experience valuing assets and regularly work with outside experts in this area. Our goal is to ensure that our client does not obtain less than they should after a divorce whether the process involves calm negotiation or complex litigation.
Contact a property division attorney at our law firm to learn more about how we can help you address the division of assets and property in your divorce or separation.
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