When couples throughout the state of New York make the decision to end their marriage through either divorce or a separation agreement, one of the matters they must handle before the separation is final is to divide assets. In New York, assets are divided through a process known as equitable distribution. The equitable distribution process aims to divide marital assets in a fair and just way, but not necessarily in an equal way. Only property that was acquired throughout the course of the marriage or is otherwise considered marital property will be divided in the divorce. Any separate property that was kept separately from the other spouse or was acquired before the marriage began will not be included in this process.
Due to the fact that equitable distribution is often a contested matter in divorce, the court will have to take a number of different factors into consideration when dividing the property. Some of these factors include the length of the marriage, each spouse’s contribution to debt and assets, the financial situation of each spouse, and more. It is also important to note that just as assets are divided in divorce, debts and other liabilities are as well.
If you are considering getting divorced, it is important to discuss your situation with an experienced divorce attorney who can provide you with 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.