Equitable distribution is the legal process of dividing properties between spouses who are undergoing a divorce. Equitable distribution in New York involves properties that were acquired by or owned by either of the spouses. Distribution of properties must be mutually decided or as ruled by the Court.
In New York, all properties and earnings acquired and owned by the couple, jointly or separately, during the marriage are subject to equitable distribution once a divorce has been filed. This ruling deviates from the common law stating that properties acquired during the marriage shall be distributed accordingly to the owner of the property or the spouse to whom the property is named after. Equitable distribution in New York is more complicated than that because it can be difficult to determine which properties are marital or shared and which are separate. It is important to hire a competent New York divorce attorney to ensure the equitable distribution process occurs fairly and that your rightful assets are defended and secured.
Marital properties are those assets, acquisitions and enhanced earnings owned during the marriage or before a separation agreement has been duly executed or a divorce motion filed.
In New York, “enhanced earnings” pertains to additional income derived when a spouse’s business is established or has increased in value or when either of the spouses has acquired a degree or a license in the course of the marriage. All value determined here must have accrued once the marriage was legally enacted.
Marital debts or debts incurred during the marriage are also subject to equitable distribution in New York regardless of how the debt began and who accrued it.
Marital properties are not necessarily distributed equally between spouses. Both shall agree to what each other gets but if things get more complex, the Court shall decide which properties go to the respective spouse.
The following are some of the factors considered in the distribution of marital properties:
- Spouse’s income during the marriage and after signing a separation agreement
- Years of marriage
- Age and health
- Children’s custody
- Inheritance and pension rights after divorce
- Financial support after divorce
- Direct or indirect contribution to properties and earnings acquired during the marriage
- Future financial circumstances
- Tax consequences
- Abuse of property
- Spousal abuse
Properties that are not subject to equitable distribution includes the following:
- Properties acquired prior to the marriage
- Inherited properties
- Gifts that came from someone else other than the spouse
- Personal injury compensation
- Properties that are considered separate based on a written agreement between the spouses
- Increase in value of or income from the above-mentioned properties
Separate property is anything you have acquired alone before or after marriage. The spouse owning separate properties gets to keep them by himself/herself. However, if the property has somewhat increased in value or gain income through the help of your spouse or anyone in the family, then, that specific amount of that gain or value, which will be determined and contested in court will also be subject to equitable distribution in New York
If you are going through the divorce process you will need an experienced and seasoned divorce lawyer in New York. These issues can become complicated and it is best to seek professional help from an attorney that has a long history of dealing with them, and a clear sense of the best steps to take when dealing with equitable distribution specifics.
At the Law Offices of Brian D. Perskin, we have extensive experience in handling all types of divorce and family law issues, particularly contested divorce and complicated matrimonial and custody cases. Navigating matrimonial and family law cases, no matter the issue, is rarely easy. You can rely on us.
Our team is comprised of skilled, dedicated and hardworking divorce and family law professionals, all of whom will assist you so that your divorce or family law matter can be handled in such a way as to benefit your current and future interests as well as those of your family.
Need Expert Help Equitable Distribution During Your Divorce? Call Brian D. Perskin and Associates Today
The expert team of NYC divorce attorneys at Brian D. Perskin and Associates can help you reach the best possible outcome. Through aggressive yet intelligent and tactful means, we have successfully defended the rights and property of many clients in the New York area.
Our case-to-case approach allows us to customize our representative strategies to fit the individual needs of you, the client. We will treat you with dignity and respect. Contact us at 877-826-7257 today to learn more.