During a divorce, one of the factors that must be addressed is how the couple will divide assets and debts. If the couple themselves can’t agree on how property and debt will be divided, the court may have to step in and handle the matter for them. The court is going to take an objective approach and will weigh the information they are provided with to determine how the property and debt should best be distributed. The process that the court uses to divide assets and liabilities is known as equitable distribution. It is important to note that equitable distribution does not necessarily divide assets equally, they divide them fairly.
When the court divides property, they will have to consider many different factors. Some of the aspects of the marriage that will be taken into account include:
- The duration of the marriage
- The age and health of each spouse
- The standard of living that was established during the marriage
- The earning capacity of each spouse
- The current income of each spouse
- The value of the property
- The amount that each spouse contributed to both assets and debts
If you have questions about dividing property in divorce, contact our firm today.
The Pollack Law Firm, P.C. understands that divorce and family law matters can be very complicated and emotional. They require strong legal representation from a compassionate attorney. Robert Pollack is an experienced divorce and family law attorney in Long Island, New York. Contact The Pollack Law Firm, P.C., to set up a free initial consultation.