Equitable Distribution Attorney: Fair and Equitable Division of Your Marital Assets
In New York State, equitable distribution is premised on the notion that a marriage is an economic union of two people.
Equitable distribution refers to how marital property is allocated and divided in a fair and equitable manner between the individuals divorcing. This does not mean that each party walks away with 50% of the marital property, unless that is what is equitable in that case.
For purposes of determining what are marital assets and debts, the Courts generally use a start date and an ending date. The starting date is your wedding date. The ending date is the date that one of you files an action for divorce.
Any assets that are obtained or debts that are incurred during this period of time, by either spouse are marital assets and debts.
The Courts use a variety of factors to determine the equitable distribution award to a party. According to Domestic Relations Law Section 236(B) (5-a)(c)
Marital property shall be distributed equitably between the parties, considering the circumstances of the case and the respective parties.
When determining an equitable distribution of property the court considers the following:
- The income and property of each party at the time of marriage, and at the time of the commencement of the action
- The duration of the marriage and the age and health of both parties
- The need of a custodial parent to occupy or own the marital residence and to use or own its household effects
- The loss of inheritance and pension rights upon dissolution of the marriage
- The loss of health insurance benefits upon dissolution of the marriage as of the date of dissolution
- Any award of maintenance under subdivision six of this part
- Any equitable claim to, interest in, or direct or indirect contribution made to the acquisition of such material property by the party not having title, including joint efforts or expenditures and contributions and services as a spouse, parent, wage earner and homemaker, and to the career or career potential of the other party
- The liquid or non-liquid character of all marital property
- The probable future financial circumstances of each party
- The impossibility or difficulty of evaluating any component asset or any interest in a business, corporation or profession, and the economic desirability of retaining such asset or interest intact and free from any claim or interference by the other party
- The tax consequences to each party
- The wasteful dissipation of assets by either spouse
- Any transfer or encumbrance made in contemplation of a matrimonial action without fair consideration
- Any other factor which the court shall expressly find to be just and proper
Protect your Assets
If you are considering divorce contact our office to discuss how we an help your reach a fair and equitable division of your marital assets. At the Law Offices of David L. Martin, Esq.,P.C. we will handle your divorce with care and concern so that your best interests are served. Contact us today to find out how we can assist you.