What property is exempt from the division of assets?
During divorce proceedings, there are certain issues that need to be resolved before the couple can go their separate ways. This can include the division of assets. The spouses will need to have their assets divided to show what they have ownership over and to bring it with them to their new residence. This process may be more complicated if one spouse has a high net worth or owns a business. These reasons may lead to more decisions that need to be made or more paperwork. When it comes to dividing the assets between both spouses, they will need to be categorized as marital property or exempt property. Exempt property is acquired before the marriage between the two individuals was made official. This property is deemed to be separate property since it was acquired by the individual. Assets and debts that were acquired by these individuals before their marriage was made legal are not subject to division. However, marital property can be brought into the division. This property is acquired after the couple was officially married.
How is equitable distribution used to divide property?
Judges practice equitable distribution to divide assets during divorce in a fair and just manner. This does not mean that the distribution of assets will be equal for each party. It is at the judge’s discretion to decide how the assets are divided. They will take into consideration a few factors when deciding how to dole out possessions. These factors can include the duration of the marriage, the value of the property, the acquisition of the assets, age and health, contribution to the marital property, economic circumstance, possible tax consequences and debts and liabilities. When couples are not in litigation, they may be able to divide their assets during mediation. Since mediation sessions are used to decide on marital issues, the division of assets can be included in this process. During these sessions, spouses may be more open with one another about what assets have value to them due to sentimental reasons. This may cause a more satisfying ending once the assets are divided.Since a judge is not the one making the decisions, it may result in a more favorable outcome. Mediation is not for everyone since it requires the cooperation of both parties but it can be used to help couples in private.
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.