When a couple goes through divorce, their marital property must be divided fairly. Depending on the assets you and your spouse share, asset division may be fairly straightforward or very complex.
We will help you understand two things: what property is up for division and how to go about dividing it. We can help you find a solution that makes sense for you.
Understanding Equitable Distribution
New York is an equitable distribution state. That means that a divorcing couple’s marital property must be divided equitably, which may not mean equally. The goal of equitable distribution is a fair division. Some of the factors that may be considered during property division are:
- The income and property of each spouse before the marriage and at the time of divorce
- The type of property the couple owns
- The current and future needs of each spouse
- Any tax consequences that may come with certain property
- Whether either spouse attempted to hide or dissipate marital property in anticipation of divorce.
Some of the things subject to equitable distribution are:
- Retirement accounts and pensions
- The marital home and other real property (houses)
- A family business
- Investment portfolios.
Be sure your property is divided satisfactorily. Call 516 319-2000, or click the “Contact” button at the top of the page.