When divorces dissolve, parting spouses must appropriately allocate their assets. The question many separating individuals must wonder is if the said property is divided evenly. Eiges & Orgel, a family law firm serving the residents of the greater New York City region, is here to help those in the midst of divorce understand how their property will be split up.
What is Property?
Assets subject to division are categorized as marital property, which is the belongings the couple accumulated during their marriage's duration. Marital property is split between spouses in a divorce.
Examples of marital property include:
Other types of real estate
Vehicles and joint financial or investment accounts
Anything else that was purchased during the marriage
However, not all property is categorized as marital property. Separate property, or property that was obtained before marriage is not subject to property division.
Other examples of separate property include:
Belongings that were gifted to one spouse
Assets either party owned prior to getting married
Receiving an inheritance
The Equitable Distribution Principle
The State of New York adheres to a family law principle known as equitable distribution. This mandate instructs adjudicating bodies to split the couple's property as evenly and fairly as it deems appropriate. However, equitable does not always mean an even 50 percent division awarded to each party.
In amicable separations, the parting factions may be able to establish an allocation agreement each side feels is fair and balanced. Typically, agreements created jointly are accepted by a family court and are included as a facet of the final divorce decree.
That said, in more contentious partings, an adjudicating body will consider several factors when determining equitable distribution.
Such provisions include:
Each spouse's age,
Physical and mental health,
Each spouse's current income and earning capacity,
If either spouse will be receiving alimony,
The percentage both parties contributed to asset accumulation,
Each spouse's current financial circumstances,
External financial burdens each spouse currently possesses, and
If either party committed irresponsible or malfeasant actions during the marriage.
Contact a New York Divorce Lawyer Today
Divorcing individuals who believe asset allocation might be an issue of contention are encouraged to call our offices. Our team of skilled New York divorce attorneys can review your individual case, help identify assets, and determine the most appropriate actions to take in order to help you obtain the best settlement.
For more information about what our firm can do to help you with divorce, call us today at (347) 848-1850 or contact us online.