Equitable Distribution in New York Divorce

When it comes to divorce, New York is an equitable distribution state. This means that marital property will be divided in as equitable a manner as possible by the courts. Due to the many complications that can arise in any divorce case based on the various factors involved in a couple's assets and finances, the equitable distribution may not be "equal" but as fair as the courts can make it. Marital property can include the family home, other real estate, vehicles, cash, retirement accounts, stocks and bonds, other investments, a partnership or ownership in a business, and more.

Many factors are taken into consideration in determining how to divide marital assets, which are those which were acquired from the date of the marriage forward. These may include income and property of each partner at the time of the marriage and at the commencement of the divorce action; who will retain primary custody of the children which affects decisions about the family home and household effects; whether or not one or the other party has been awarded spousal maintenance; contributions of each spouse as parents, wage-earner, and homemaker; contributions by either party to the other's education, training, or career; what the likely future economic conditions of both parties will be; the evaluation of any assets in a business or profession; tax consequences; whether one or the other parties has engaged in a wasteful dissipation of any assets; whether one party has transferred or encumbered any asset just prior to the divorce action without fair consideration to the other party; and any other factor that the court may deem important.

A Complicated Matter in Many Divorces

Couples who have been married for a long time often have complicated financial situations, involving businesses, real estate, 401(k) accounts and other investments. These assets will have to be identified and a value placed on them in order for a court to be able to determine how they will be distributed. High net-worth divorces can especially be difficult, requiring the use financial experts.

If you are considering a divorce in Long Island or the metropolitan areas of New York City, you will most probably have many questions and concerns about the division of marital property and debts as well as other legal aspects of the divorce process. Getting highly-qualified and experienced legal counsel from New York divorce attorney Sari M. Friedman can be the answer you need. With more than 25 years of experience in handling divorce cases, she provides exceptional legal service to those seeking a divorce and a resolution to the difficult issue of equitable distribution as well as all other divorce-related issues.

Contact New York divorce lawyer Sari M. Friedman if you are considering a divorce in Long Island or any of the 5 Boroughs of New York City today.