Understanding Equitable Distribution Orders in New York
An equitable distribution order is meant to divide marital property in a way that seems just and reasonable. This includes both assets, such as homes, cars, and retirement accounts, as well as debts. The court will take many things into account when determining how to divide property, including how much each spouse contributed to the marriage, whether one spouse was at fault for the breakdown of the marriage, and the needs of any children involved. The court’s goal is to ensure that each person leaves the marriage with their fair share of the property. It’s important to note that equitable distribution only applies to marital property. This means any assets that were acquired during the marriage, regardless of whose name is on the title. However, property that was owned by one spouse before the marriage, or that was inherited or received as a gift during the marriage, is typically considered separate property and is not subject to division. But even separate property can sometimes be affected by equitable distribution if it was used in ways that benefited the marriage, like if one spouse’s separate funds were used to improve a home that both spouses lived in.– Joseph B.
– Melissa W.
When is Modification of Equitable Distribution Orders Possible?
In New York, the court generally considers equitable distribution orders to be final. This means that, in most cases, you cannot go back and change how your property was divided after the divorce is over. However, there are certain situations where a modification might be possible. It’s important to understand that these situations are rare, and the court will only consider modifying an order if there is a very good reason. One of the main reasons a court might allow a modification is if there has been fraud or misconduct that affected the original decision. For example, if one spouse hid assets or lied about the value of certain property during the divorce, the other spouse might be able to ask the court to revisit the equitable distribution order. In these cases, the court may decide that the original decision was based on false information and may modify the order to reflect the true value of the marital property. Another possible reason for modification is if there was a mistake made during the original division of property. This could happen if there was an error in calculating the value of certain assets or if the court misinterpreted how the property should be divided under the law. If a mistake like this can be proven, the court might agree to modify the order to correct the error.Related Videos
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