What is Equitable Distribution?
When a couple gets divorced, they very often feel as though their lives are up in the air. This is understandable, as their emotional concerns and stresses are compounded by financial concerns and worries, especially when involved in a contested divorce. If you or your spouse are unable to agree upon the terms of your divorce, you will very often enter the litigation process, which is usually unpleasant, to say the least. If you are getting a divorce and are concerned about the fate of your assets, you must hire an experienced Nassau County attorney and read on to learn more about your legal options going forward:
What is marital property?
There are two primary classifications of property in any marriage. The first is marital property. Marital property generally includes any assets brought into a marriage or acquired during the marriage, such as homes, retirement plans, and pension plans.
What is considered separate property?
Separate property, on the other hand, includes assets a spouse owned before a marriage that was not agreed upon becoming marital property at the start of a marriage. Some examples of separate property include personal injury payments, gifts from someone other than the spouse, and inheritance.
How will the courts divvy assets in a divorce?
The courts will take several things into consideration when determining who will get what assets. Some of which are as follows:
- The length of your marriage
- Property settlement agreements
- Your marital standard of living
- You and your spouse’s health
- You and your spouse’s age
- Your property, as well as income
- The value of your property
- You and your spouse’s earning potential
- Debts and liabilities
Can I protect my assets?
Fortunately, there are a few things you can do to protect your assets from the litigation process. For example, you may draft a prenuptial agreement with your spouse before you are married. A prenuptial agreement can address several issues, including what will happen with you and your spouse’s property, alimony terms, and more. However, you should know that you are not out of luck if you have not drafted a prenuptial agreement. You may still draft a postnuptial agreement, which essentially works the same as a prenuptial agreement, though it is drafted after marriage. Lastly, if you and your spouse jointly own a business, you may draft a shareholder agreement, which can outline what will happen with your business should you and your spouse get a divorce.
Contact our experienced Nassau County firm
The Pollack Law Firm, P.C., serving clients in Nassau and Suffolk County, is always available to assist and represent parties in divorce and all other matrimonial and family law matters. Please call today to schedule a free consultation: (516) 938-333.