Rockland County Property Distribution Attorney
Representing clients faced with a disputed division of assets
Property distribution can be one of the most disputed issues in a divorce. Understandably, both parties have emotional ties to their possessions, especially the home. The thought of splitting assets can be overwhelming for some. When emotions run high, both parties feel entitled to certain assets and often disagree on how possessions should be split. II, and help you through tough times.
How does marital property differ from separate property?
New York courts organize assets into one of two categories. Marital property is any asset brought into the marriage or acquired during the marriage. Separate property is a bit more complicated. Simply put, assets owned before the marriage that is not agreed to become marital property at the start of the marriage can be considered separate property. Other property that could be considered “separate” include personal injury payments, gifts, and inheritance.
What is equitable distribution?
When deciding on the issue of property distribution, New York State will allocate assets in a fair and just manner. This is called “equitable distribution.” To the surprise of many divorcing couples, equitable distribution does always mean even or equal. New York considers many factors when deciding how to equitably distribute assets, including, but not limited to:
- Duration of the marriage
- Health and age of divorcing individuals
- The couple’s standard of living
- Earning capacity and income of each party
- Value of the assets
The allocation of debts and assets
When a court establishes marital and separate property, it is time to assign a value to the assets and debts of the marriage. Once that is completed, the court will split assets in an equitable fashion. The judge will take many factors into consideration when deciding on the matter. Some of the factors that impact the way assets are allocated include:
- Each party’s contribution to the marital property
- Each party’s financial circumstances
- Each party’s health and age
- Tax consequences
It is important to note that New York does not consider marital fault when deciding on contested issues. So, if your spouse cheated on you and your marriage ended, it will not impact how property is distributed. On the other hand, economic fault can play a large part in the division of assets. If a spouse purposefully wasted assets at the end of the marriage, the court will take that factor into consideration.
Contact our Rockland County divorce law firm
The division of assets can be a tumultuous ordeal in an already overwhelming process. When you are facing a contested divorce based on the division of assets, it is important to have the legal support to get you through. If you need an effective attorney to represent your needs throughout the divorce process and ensure that you are getting what you are entitled to, contact The Law Offices of Mark S. Paige, P.C. for a consultation.