Assisting with Equitable Distribution Cases in New York, NY
When two individuals get divorced, there needs to be a way to divide assets between them. Equitable distribution is one such method; essentially, it means that the court must divide the assets fairly between the individuals. It should be noted that this does not necessarily mean the assets will be divided equally; instead, a judge will examine several factors and determine what the fairest outcome would be.
Information Considered When Determining Equitable Distribution
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- What each spouse’s income was like when they filed for divorce.
- How long the individuals were married.
- The ages and health of the divorcing individuals.
- If the parent with custody will need to live in the house or use its amenities.
- If either individual will lose health insurance, inheritance rights, or their pension because of the divorce.
- If one of the divorcing individuals was awarded alimony.
- How much claim each individual has to the property.
- What each individual’s financial situation will likely look like in the future.
- If the property is connected to a business in some fashion.
- What tax consequences each spouse might face.
- If either spouse has been wasteful with marital assets.
- If either spouse has tried to sell, transfer, or otherwise get rid of marital property while planning for a divorce.
- Any other factor the court might deem important to consider.
Understand How Marital Property Works
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Most individuals enter a marriage already having some sort of property. This property is known as separate property and still belongs to you. Anything obtained during the marriage is known as marital property; collectively, this is the “marital estate.” Property can be excluded from the estate through a marital agreement; otherwise, all property is considered jointly owned, save for things such as inheritances, third-party gifts, or worker’s compensation.
If you need assistance with equitable distribution, consider contacting Michael Ian Black, Esq. He has the experience and knowledge to assist with your needs.
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If you’re ready to speak to an experienced attorney about your situation, call us at (212) 297-9090 or fill out our contact form. Mr. Black’s direct cell number is always given to all clients.