NYC Equitable Distribution Attorney
What is equitable distribution?
A common misconception is that equitable distribution means a completely even division of assets. In fact, equitable distribution is much more involved than that. There are many factors which determine how property is equitably distributed upon the dissolution of a marriage. This is why it is important to have an experienced New York City divorce lawyer handling your case.
In the common law system, property is distributed according to the manner in which the title is held. Equitable distribution, however, considers numerous factors, including the following:
- Length of the marriage
- Income and property of each party at time of marriage and at time of filing
- Contribution to the marital property acquisition by way of expenditures or efforts and contributions as a spouse, parent, homemaker or income earner
- Age, health and probable future financial circumstances of both parties
- Loss of inheritance and pension rights upon dissolution
- Need of parent with custody of child or children to occupy or own the marital residence and related property
- The squandering of marital assets by either spouse
- Any unfair transfer of assets or similar action executed in anticipation of ending the marriage
- Any award of maintenance
- The tax consequences for each party
Protecting Your Assets: New York Divorce Lawyer
Only very specific factors may deem your property "separate property" and protect it from division. For example, property acquired before the marriage is generally exempt, as is property acquired by inheritance or gift from a source other than the spouse. Unless circumstances such as these or a written agreement exist to protect specific property, the property is subject to equitable distribution. This even includes businesses and increased earning capacity. Additionally, property which was once separate property can become marital property by being intermingled with marital assets.
Clearly, there is a lot at stake during the dissolution of a marriage. Don't let your future be sacrificed by lack of competent representation. At the Law Office of Vivien I. Stark, our experience and knowledge can serve to protect your interests during this complicated process.
Contact a New York City equitable distribution attorney for help securing your financial future.