When a couple is going through a divorce in New York State, they often find themselves faced with the challenge of dividing all of the assets they have acquired during their marriage. Of course, this is a difficult and emotional step in the divorce process. Not only that, many spouses may feel as though they are entitled to more than their fair share of the estate. It is important to note that when a court has to decide on dividing marital assets in a divorce, they use the process of equitable distribution.
Equitable distribution is the process by which a court divides assets between a couple in a fair and just manner. This does not mean that the couple will each walk away with 50 percent of the assets. Of course, there are a number of different factors that must be taken into consideration when going through the equitable distribution process. Some of the many factors assessed include the following:
- The duration of the marriage
- The health and age of each spouse
- The income and potential future earnings of each spouse
- How each spouse contributed to the marital property
- Any child custody considerations
If one spouse is accused of committing economic fault, the court may weigh heavily in favor of the other party.
If you have questions about the equitable distribution process in New York State, contact us today.
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.