When a couple wants to divorce, they are required to completely separate the life they brought together over time. This is rarely ever easy, as it can result in certain losses. This may be through certain agreements as well as the division of assets. Often times, spouses in these situations will wonder what assets they are entitled to receive after their separation. No one wants to lose the things that they value, whether it may be physical or financial. It is because of this that spouses going through a divorce should contact an experienced New York divorce attorney to learn more about the process going forward.
What is Litigation?
Spouses who cannot reach an agreement regarding the future of their marital assets may end up in a contested divorce. When this happens, it often leads to litigation in which the court does so for them. It is important to know that this can result in the couple’s assets being subject to equitable distribution. While many believe this means an equal split, it actually means the assets are divided fairly between both parties.
When a judge decides which assets belong to whom, they consider many different aspects of the marriage. This can include things such as the financial situation of both spouses, if the two have any children, the length of the marriage, and more. For example, a financially dependent spouse may receive a larger portion of assets than an independent spouse so that they may remain stable. These situations can often leave spouses unsatisfied, as they rarely ever receive all the assets they would have liked to.
What Assets are Subject to Equitable Distribution?
Those who acquire assets over a period of time cherish these belongings and are rarely ever okay with giving them up. That is why so many couples disagree over these matters. When the court works to determine which assets belong to which spouse, they divide marital property from separate property. Assets that are acquired during the marriage are considered marital property while assets that were acquired before they are considered separate property. This can entail belongings such as real estate, automobiles, bank accounts, etc. If a couple runs a business together, they may need to discuss the status of its future as well. During this time, the court will also factor in if spousal support or child support payments are owed from one spouse to another.
Contact our Firm
Matters of divorce and family law should be navigated with the guidance of an experienced attorney. If you need strong legal representation regarding matters of divorce, family law, and estate law, contact the Law Offices of Susan A. Kassel, P.C. to schedule a consultation today.