Commonly Asked Equitable Distribution Questions
Are you or a loved one going through the divorce process? Read our answers to some commonly asked equitable distribution questions. Call us!
What is Important to Know About Equitable Distribution?
- Equitable means fair, and most property is divided equally in New York State
- It is important to value the contributions of the spouse who stays home to care for the family equally to the contributions of the spouse who is out working every day
Will I Have to Sell My House if I Get Divorced?
- If one party expresses a desire to maintain and retain the house, we have to determine whether or not they can afford to
- You may have to buy out your spouse’s share if there is a large amount of equity in the House
- The judge may decide what happens to your house if your Divorce results in litigation
How Will My Inheritance be Treated During a Divorce?
- An inheritance during your marriage may be your separate property, but it will depend on how you held that inheritance after you received it
- If it was a cash inheritance that you kept in a separate account under your name, and you did not deposit any additional marital funds into the account, it will be deemed your separate property
- If you receive an inheritance in a cash equivalent account with your spouse’s name on the account, you will risk the court determining that you gifted part of that inheritance to your spouse
- If you received an inheritance of cash that you used to pay off the mortgage to your home, it is possible that the court would deem that the pay-off of the mortgage was your separate property
How Can I Get My Share of My Spouse’s Business?
As a dedicated Saratoga Divorce Lawyer, I am often asked how a client can get their fair share of their spouse’s business when going through a divorce.
- The proper way to determine the value of a business owned by either party is to retain an expert to calculate its value.
- Once the business is valued, the parties or the court will determine the non-titled spouse’s share.
- The court will consider many factors in determining the non-titled spouse’s share, which can range from 20% to 50%.
- A specific mandate will set forth how the non-titled spouse is paid and, if payment is to be made over time, it may include an interest component.
How is a Mutually Shared Business Handled?
As an experienced Saratoga Divorce Attorney, clients who run a mutually shared business that are going through a divorce ask how it will be handled in the process.
- A business in which both parties work is usually one started by one of the parties or in which one party has more of a vested interest.
- Depending upon the type of work, the more-interested party may be more of a principal in the business, and it will be natural for that party to retain the business.
- Sometimes, however, if the parties started the business together, it can present significant challenges.
- Although it is not always advisable, some parties are able to continue working together, and can remain partners. Success depends upon the parties themselves, and the level of their acrimony or cooperation.
- A high-conflict divorce, however, will make it impossible for both parties to continue running that business.
Do you run a mutually shared business with your spouse and you are starting a divorce? After reading our commonly asked equitable distribution questions that we have answered for you, contact our experienced and dedicated Saratoga Divorce Attorneys to get started on your confidential consultation and legal case evaluation.
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