When a couple in Rockland County, New York makes the decision that they may be better off divorced, they will have to address a number of factors before the divorce can be finalized. One such matter that needs to be resolved before the couple can officially go their separate ways is the division of assets and debts that was acquired throughout the course of the marriage. When a couple goes through a divorce, only marital property or debt will be divided while separate property or debt will remain separate. Separate property is anything that was acquired before the marriage began or was kept in separately from marital property if it was acquired during the marriage. A good example of this is when one spouse inherits money but it is only in their name and it is not co-mingled with marital funds.
There are several different factors that the court will take into consideration when dividing assets on behalf of the couple through the process of equitable distribution. Some of these factors include the duration of the marriage, the age and health of each party, each party’s contribution to property, the value of the assets, and more.
If you have questions about divorce, contact our firm today.
Our firm proudly serves clients throughout Rockland County, New York when they require compassionate and effective legal guidance. If you require experienced legal representation for any of your divorce and family law matters, contact the Law Offices of Mark S. Paige, P.C. today to schedule a consultation.