How Will Separate and Marital Property be Divided?
In property division, "equitable" does not mean "equal." Numerous factors play into determining the division of marital property. The ultimate goal of equitable property division is to divide property acquired during the marriage fairly - not necessarily evenly.
To learn more about how property distribution will work in your case, schedule a consultation with Frank J. Salvi, Esq., call 914-682-1993 or e-mail our family law office today.
How Equitable Property Distribution Works in New York
The court considers numerous factors to determine the equitable division of assets and debt:
- Health and age of each spouse
- Property and income of each party at all times during the marriage
- Length or duration of the marriage
- Loss of inheritance, pension, disability or retirement rights upon divorce
- Potential rights to maintenance, alimony or support
- Other property distribution (through spousal maintenance or other assets held as separate property)
Although the court will make final decisions regarding property division in divorce, it is important to have an experienced family law attorney advocating on your behalf. At the Law Office of Frank J. Salvi, PLLC, our New York divorce attorneys evaluate your situation and present your case to the court to seek a fair division of property.
How NY Courts Determine Separate vs. Marital Property During Divorce
Equitable property division in divorce requires classification of separate vs. marital property. Simply stated, anything an individual spouse owned prior to the date of marriage that has not been commingled remains separate property. Anything acquired or contracted during the marriage is presumed marital property and therefore is subject to division between the spouses. This can include retirement funds, 401(k)s, cars, the family house and other marital assets.
Get Started With a Consultation
When you come to our office for a consultation, we will further explain property division in divorce - including the exceptions and characterizations of your assets. To schedule an appointment, call 914-682-1993 or schedule a visit online. Let us advise you on the benefits, principles and problems you may face when characterizing these assets.
