Divorce is perhaps the most emotionally and financially tumultuous process a couple can endure. Unfortunately, while you may want to use the days and months ahead to regroup and just focus on you, you must first take care of business. When you and your spouse cannot agree on the terms of your divorce, you are in what is known as a contested divorce. Contested divorces enter the litigation process, which then subjects their assets to equitable distribution. If you are getting a divorce and believe your hard-earned assets may be at risk, please do not hesitate to read on and learn more about your legal options going forward:
What is equitable distribution?
Equitable distribution, in a legal sense, is what the courts determine to be a fair and just distribution of your assets. However, it is no surprise that most spouses feel cheated at the end of the litigation process. Generally, both spouses will feel as though they are entitled to or deserve more than they receive, especially if one spouse is forced to leave the house.
How is marital and separate property different?
Essentially, marital property is composed of the assets you and your spouse acquired during your marriage, such as your home. Separate property, rather obviously, is property acquired either before or outside of your marriage. Generally, only marital property is subjected to equitable distribution.
How will the courts determine who gets the house?
Losing your home is far more than losing a standard financial asset. It’s losing the place where perhaps you raised your kids, made memories, and customized and renovated to your liking. This is why if you beleive you may lose your home, you must hire an experienced attorney who will do everything in his or her power to defend your rights. Some of the factors the court will consider when divvying assets are as follows:
- The value of your property
- You and your spouse’s yearly income and earning capabilities
- Your debts and liabilities
- Your marital standard of living
- Whether you or your spouse need a trust to help pay for your child’s medical or educational costs
- The duration of your marriage
- You and your spouse’s age
- You and your spouse’s overall health
- Child custody agreements
- Whether you and your spouse are financially independent
If you believe your assets are on the line, do not hesitate to reach out to our compassionate, knowledgeable firm.
Contact our experienced New York firm
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.