Nassau County Division of Assets Attorney
Division of Assets Attorney in Jericho, NY
When filing for a divorce, a common factor considered by both parties is property distribution. This procedure can become heated and contested because both parties believe that they are entitled to a certain split of the assets. You should consider the factors that New York will examine when distributing assets and debt. If you are getting a divorce, it is recommended that you speak with an experienced Long Island attorney at The Pollack Law Firm, P.C. for quality representation and determined counsel.
Equitable distribution law explained
New York is an equitable distribution state and assets are divided in an equitable fashion, or what is considered fair. Fair does not always mean equal. Long Island courts will consider some aspects of the marriage including:
- Length of marriage
- Age and health of each spouse
- Standard of living established during the marriage
- Income and earning capacity of each party
- Value of the property
New York encourages divorcing couples to come to an agreement outside of court, with or without a mediator. Though this is not possible for some couples, it saves court costs and helps both parties come to a more amicable resolution.
Marital property and separate property
As in many states, New York has two categories of property:
- Marital property: any asset brought into the marriage or acquired during the marriage. Retirement plans and pension are included.
- Separate property: any assets a spouse owned before the marriage not agreed to become marital property at the beginning of the marriage. Inheritance, personal injury payments or gifts from someone besides the spouse may fall under this category.
Allocating assets and debt
When Long Island courts determine the marital and separate property of the couple, they will assign a monetary value to the marital property and debt. The judge will consider the parties’:
- Age and health
- Contribution to the marital property
- Economic circumstances
- Tax consequences
The court will then distribute the assets to the parties in an equitable fashion, allocating the marital property.
Not only does New York being an equitable distribution state mean that assets and debt will be allocated in an equitable fashion, but it means that marital fault is not considered when dividing property. If the grounds for divorce are based on adultery, it will not impact the division of property. Economic fault, on the other hand, might impact the allocation of marital property. If one party purposefully wasted assets in any fashion, it will negatively impact how the courts order the distribution.
Contact our compassionate Long Island attorneys to ease you through your situation
Divorce and property division can be a complicated and emotional procedure. Contacting our dedicated Long Island attorneys at The Pollack Law Firm, P.C. is recommended. We have the compassion and persistence to help you through your legal matter. Our experienced Long Island divorce attorneys will vigorously work towards realizing your goal and vision of how your marital property should be distributed. We are here to help you come to a manageable conclusion. Contact us today.