Equitable Distribution in New York
Experienced Huntington & Long Island Divorce Lawyers
Equitable distribution refers to the process of splitting, dividing, and
allocating marital property and assets during a divorce. When a couple
files for divorce, all of their jointly held assets and properties, also
referred to as “marital property,” must be fairly divided
and distributed between the spouses. New York law recognizes two types
of property: marital property and separate property.
What Is Marital Property?
Marital property refers to all jointly held assets and properties that
were acquired or accumulated during the marriage by either spouse. Common
examples of marital property include homes,
real estate, pensions, bank accounts, time shares, stocks, cars, debt, jewelry, monetary
interest, furniture, and any other possession or property obtained during
the marriage. According to New York state law, it makes no difference
whose name is on the title or deed of the property. All forms of marital
property are subject to equitable distribution.
What Is Separate Property?
Properties, assets, and possessions that were acquired by one or both spouses
before the marriage began or after the divorce was finalized are considered
separate property. Separate property is not subject to equitable distribution
during a divorce, and will remain in the possession of the original owner.
Common types of separate property include inheritances, gifts from third
parties, and personal injury awards.
However, when separate property is mixed with marital property, it may
become subject to equitable distribution. For example, if a husband had
a house prior to the marriage and the wife lived in the house with the
husband, she may be entitled to the appreciation in value of the husband's
separate property from the date of the marriage to the date an action
for divorce is commenced.
Let Our Suffolk County Divorce Attorneys Fight for You!
Under New York State equitable distribution laws, marital property is not
required to be divided and split evenly. Many people have an emotional
attachment to their possessions, and feel vulnerable that their belongings
will be unjustly stripped from them. Hiring a Huntington &
Long Island divorce attorney from our team will ensure that your rights, needs, and property will be
protected and fought for during the divorce proceedings.
At The Meyers Law Group, P.C.,
we have guided countless clients through the equitable distribution process and helped them reach successful
outcomes. With access to a wide network of financial experts, forensic
accountants, financial planners, and tax lawyers, we can determine the
true value of your marital assets and discover any hidden assets that
your spouse may not want to divide. Ultimately, we are dedicated to serving
our clients’ best interest and making sure they get a fair distribution
for their marital assets.
Contact The Meyers Law Group, P.C. to learn how your assets could be impacted by equitable distribution if
you are going through divorce in Long Island,
Nassau County or