When a married couple in Suffolk County makes the decision to get divorced, one of the topics that need to be addressed is that of equitable distribution. Equitable distribution is just a complex name for the process by which assets and liabilities are divided in a divorce. The division of assets and liabilities is often one of the most contested matters in a divorce because no one wants to part with their belongings, which is totally understandable.
When it comes time to divide assets, the first thing that needs to happen is to determine which property is marital and which property is separate. Marital property is anything that was acquired throughout the course of the marriage. Separate property, on the other hand, is any property that was acquired prior to the marriage. In addition, it is important to note that some property acquired during the marriage may actually be considered separate property. For example, if one spouse inherits a sum of money and keeps it in an account that the other spouse cannot access, it is considered separate.
Some of the factors that are considered in dividing assets include the length of the marriage, each spouse’s contributions to property, the age and health of each spouse, and more. If you have questions regarding equitable distribution, contact our firm today.
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. Our firm is proud to serve clients throughout Long Island when they face difficult legal matters.