How are assets divided in a divorce?

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How are assets divided in a divorce?

When a couple makes the decision to get a divorce, one of the biggest concerns they may have is about what may happen to their assets. The first step in this process is to determine which category your property falls into. There are two categories of property that your belongings may be considered in the eyes of the court: marital property and separate property.

Separate property is all of the property that you acquired before the time in which you got married. There is certain property that may be able to be considered separate even after you got married. For example, if you were married and then inherited a substantial amount of money that you kept in a separate account, it is considered separate property. However, if you put that inheritance into a shared account with your spouse, it is marital property.

Marital property is all of the property you and your spouse acquired throughout the course of the marriage. This includes a house, a car, a couch, a boat, whatever the case may be. Marital property will be divided between the two spouses in a process known as equitable distribution. Equitable distribution is the division of assets between the two spouses dependent on a number of factors. It is important to know that equitable does not mean equal. One spouse may walk away with 60 percent of the assets, while the other walks away with the remaining 40 percent. Of course, it all depends on your particular situation.

If you have questions about the equitable distribution process in divorce, contact an experienced divorce attorney today for assistance.

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. 

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What Our Clients Are Saying

I hired Susan to represent me in a divorce matter where I was fighting for custody and to limit my wife's equitable share of our assets. I won custody of our son, kept the marital residence, kept my professional practice, kept my building and paid less than half to my wife. This was after a long-term marriage. She could persuade the court that equitable is not equal and sometimes the man does deserve to win!

‐ Dave

I first must say that I had been represented by two prior attorneys both of whom had simply taken my money and left me nothing to show for it in my custody case. They kept telling me what they were doing for me but I found out they were lying. Susan on the other hand had gotten me temporary custody and support for my children and myself within two months of hiring her. I cannot say enough about her.

‐ Craig

After talking to a few other attorneys, I hired Susan to represent me in my divorce and custody dispute. I was reluctant to go with her because she was the cheapest out of all the other attorneys I met with, but I'm so glad I did. I am 100% positive no one else would have done such a great job with my case as Susan and her staff. Her work is quality, her staff is reliable and her character is honorable. There...

‐ Linda

I had a very difficult case where I had already burned through two attorneys who were unable to get me custody of my children and complete my divorce. Susan was able to rapidly work out an agreement and not let it just malinger on like my previous experiences. She was also considerate of my financial situation unlike all of the other lawyers I had spoken to. I highly recommend her if you want complete and caring service with an in-depth knowledge of...

‐ Joanne

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The Law Offices of Susan A. Kassel, P.C. proudly serves clients throughout Suffolk County, New York in their divorce, family law, and estate planning matters. If you require the services of an experienced Suffolk County attorney, schedule a consultation with The Law Offices of Susan A. Kassel, P.C. today.

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