If you are here, it’s likely that you are facing a difficult time in your life, perhaps dealing with a divorce or separation. The process of dividing assets can feel overwhelming, especially when emotions are high and the future feels uncertain. You may be asking yourself how the court decides who gets what, and if you will be treated fairly. At our firm, we understand these feelings, and we are here to guide you through the complexities of asset division under New York’s equitable distribution laws. Our goal is to ensure that you are not only informed but also have the support you need to achieve a fair outcome.
What is Equitable Distribution?
Equitable distribution refers to the process by which assets and debts are divided between spouses during a divorce or legal separation. Unlike some states that follow a “community property” approach, which splits everything down the middle, New York uses the principle of equitable distribution. This means that assets are divided fairly, but not necessarily equally. The idea is that each party should receive a fair share based on a number of factors, rather than just splitting everything 50/50.
The court in New York aims to divide marital property in a way that is fair to both parties, considering each individual’s needs and circumstances. Marital property typically includes assets acquired during the marriage, such as the family home, savings accounts, retirement funds, and even some debts. Property acquired before the marriage or by inheritance may not be included in the division, but there are exceptions to this rule, which is why understanding the ins and outs of the law is critical to achieving the best possible outcome in your case.
How Does the Court Determine What is Fair?
In New York, the court uses several factors to determine what is fair when dividing assets. These factors include the length of the marriage, the age and health of both spouses, their income and earning potential, and the contributions each spouse made to the marriage, whether financial or otherwise. The court also looks at the custodial arrangements for any children, as this may affect one spouse’s ability to support themselves after the divorce.
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The court does not always divide assets evenly. Instead, the goal is to reach an equitable distribution based on what is fair given the specific circumstances of the marriage. For example, if one spouse was the primary caregiver for children and the other spouse was the main breadwinner, the court may take that into account when making a decision about how assets should be divided.
Additionally, the court will look at the financial and non-financial contributions both spouses made to the marriage. This can include everything from earning income to staying at home and taking care of the household. The aim is to make sure that both parties are treated fairly, with consideration for their respective contributions and needs.
What Assets are Considered in Equitable Distribution?
When a couple divorces, the court must decide how to divide their property. Some property is easy to identify, such as the family home, cars, and bank accounts. Other assets may be more complicated, such as retirement accounts, investments, and businesses. It is important to understand that not all property is subject to division. Property that was obtained before the marriage, or that was inherited or gifted to one spouse, is generally not included in the division of marital assets.
However, things can get complicated, especially if one spouse has kept certain assets separate or has tried to hide them. In these cases, it may be necessary to investigate the finances thoroughly to ensure that all marital property is accounted for. A family law attorney can help you identify and value assets, as well as protect your rights if you believe your spouse is not being transparent about their finances.
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The Role of Debt in Asset Division
Just as the court divides marital property, it also divides marital debts. These debts can include mortgages, credit card bills, loans, and other financial obligations incurred during the marriage. When dividing debts, the court takes into account who is best able to pay them, as well as who benefited from the debt.
For instance, if one spouse accumulated significant debt but the other spouse did not benefit from it, the court may decide to assign more of the debt to the spouse who incurred it. Similarly, if one spouse has a higher income or earning potential, they may be responsible for a larger portion of the debt. Just like with assets, debts are divided fairly, though not necessarily equally.
How to Protect Your Interests
While the court aims to divide assets fairly, it is important to understand that the process is complex, and the outcome is not always predictable. There are many variables that can influence the division of property, and your ability to present your case effectively can have a significant impact on the final result. That’s why it’s important to have an experienced attorney by your side, someone who understands the ins and outs of New York’s equitable distribution laws.
An attorney can help you gather the necessary documentation, value your assets and debts, and present your case in a way that maximizes your chances of a favorable outcome. If there are disagreements about the value of certain assets or the division of property, an attorney can help resolve these disputes and advocate for your best interests.
In some cases, spouses may be able to reach a settlement through negotiation or mediation, rather than going to court. An attorney can guide you through this process and ensure that any agreement reached is fair and in your best interest. Even if you do end up in court, an attorney can provide strong representation and ensure that your rights are protected throughout the legal process.
Why You Need a Skilled Attorney on Your Side
Dividing assets fairly in a divorce or legal separation can be a complicated and emotional process. You need a legal team that is not only knowledgeable about New York’s equitable distribution laws but also empathetic to the emotional challenges you may be facing. At Mahserjian & Mahserjian-Ortiz, PLLC, we understand how stressful this process can be, and we are here to help you navigate it with confidence.
Our firm has a proven track record of helping clients achieve favorable results in asset division cases. We take the time to understand your unique situation, and we work tirelessly to ensure that your rights are protected. Whether you are looking to negotiate a settlement or need strong representation in court, we are here to help you through every step of the process.
If you are facing a divorce or legal separation and need help with dividing assets fairly, contact us at Mahserjian & Mahserjian-Ortiz, PLLC today. Our team is ready to listen to your concerns, explain your options, and help you achieve the best possible outcome in your case. Let us put our experience to work for you.
