The state of New York follows the principle that courts must divide property fairly and impartially when a couple divorces. This does not always mean that the property division is equal, though. The focus is on dividing assets in a fair manner, and the court takes into account what each spouse added to the marriage, as well as what each one will need to survive once the divorce is final.
How can a divorce lawyer help?
If you are facing divorce, a Queens divorce attorney may be able to help you. It is important that you understand all the potential outcomes of your specific situation, and an experienced lawyer like Elliot Green can help you avoid making mistakes that could compromise your interests.
At Elliot Green Law Offices, we are available 24 hours per day, so give us a call if you are concerned about your case. Call us at 718-260-8668 to schedule a consultation, and read on to learn how the state views equitable distribution.
Equitable Distribution in New York
According to AboutRelationships, equitable distribution is a method the courts use to divide a divorcing couple’s property. Before the state of New York adopted equitable distribution, it was a common law property state. That meant property the courts distributed during a divorce was done in line with which spouse’s name was on the title.
Now that New York has moved to become an equitable distribution state, the court plays a much bigger role in dividing all assets fairly in a divorce. It is a common misconception that this means the courts will divide everything equally, though, and the judge takes into account a number of factors when splitting assets.
These factors include each individual’s income and assets; the duration of the marriage; the health and age of each spouse; if the parent with custody of the children needs to live in the family home and if the court has awarded alimony. The court will also look at any other factors that they find just and worthy of consideration.
Property Subject to Equitable Distribution
According to Divorce Source, the courts will only divide marital property, and each spouse retains his or her own property. The courts determine what the marital property is in each circumstance, but it typically includes all property that one or both spouses acquired during the course of the marriage.
There are exceptions to this, and there are often complications regarding what constitutes separate property. An experienced divorce lawyer will be able to make sure you are not disadvantaged during this process.
If you need an experienced Staten Island family lawyer, give Elliot Green Law Offices a call. We have extensive experience in family law, and we can help you avoid making mistakes that might compromise your interests. Call us today at 718-260-8668 to schedule your free 30-minute initial consultation.