When a couple in Suffolk County, or anywhere in New York State, gets divorced, they will have to endure the process of determining how assets and debts will be divided. New York State, along with many others, use the process of equitable distribution to divide assets and liabilities in divorce. If the couple cannot agree on how assets and debts will be divided on their own, a judge may have to make this decision on their behalf. The court will take a number of different factors into consideration when ruling on the division of marital property and debt. Some of these factors include the following:
- The length of the marriage
- The age and health of each spouse
- How each spouse contributed to marital property and debt during the marriage
- The current income and future potential earnings of each spouse
- The child custody arrangement, if applicable
It is important to note that when dividing assets and debts, only marital property will be divided. Any property that was owned before the marriage or was agreed to remain separate during the marriage will not be included. This can include inheritances, injury settlements, and more.
If you have questions regarding the equitable distribution process in New York, contact our firm today.
If you are in need of strong and effective 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. Our firm is proud to serve clients throughout Long Island when they face difficult legal matters.