New York State is an Equitable Distribution State
By Wisselman, Harounian & Associates, P.C.
Dec. 11, 2010 5:15p
In the event of a divorce, there are two types of property
distribution. The two types of distribution are called equitable distribution and community property. New York State is an equitable distribution state, whereas California for example, is a community property state.
New York State uses the equitable distribution system, which means that property this is acquired during a marriage is jointly owned by both spouses. Even though equitable means (fair and just), it does not necessarily mean equal distribution and ownership isn't an automatic fifty-fifty split between the two parties. This is where equitable distribution and community property differ, with community property as in the State of California, it is assumed that both spouses acquire a one-half interest in what is called community property.
Prior to New York adopting the method of distributing property "equitable distribution," New York was a common law state. Which meant that in the event of a divorce, property would be divided according to who held the title. Now that New York is an "Equitable Distribution State," when a couple gets a divorce, the court will distribute all marital property in an equitable (fair) fashion, regardless of how the title is held. When doing so, the court will consider the following factors:
- Income of both spouses at the time of marriage
- Income of both spouses at the beginning of the divorce
- Property held by each party before the marriage
- Property of each party at the commencement of the divorce
- The duration of the marriage
- Both spouses age and health
- The need of custodial parent to stay in the home
- Alimony
- The tax consequences of each spouse
- Wasteful spending of either spouse
- Contributions as a spouse, parent, wage earner or homemaker
Long Island County Equitable Distribution Attorney
Equitable distribution is not a simple undertaking. If you are getting a divorce, a Long Island equitable distribution lawyer at Wisselman, Harounian & Associates, P.C. can assist you in the complex process. We have helped countless clients come to an amicable resolution in their equitable divorce cases.
Contact a Long Island Equitable Distribution Lawyer at our firm today for a free consultation.
Other Recent Articles
Bethany Frankel, of “Real Housewives of New York” fame, is recently reported to be seeking what some feel is a substantial amount of child support.
More Articles »
Many married couples may feel that the phrase “For better or for worse, in sickness and in health” etc. would cover such things as weight gain or the inevitable physical changes that occur when the ...
More Articles »
Divorce is generally painful enough in terms of the emotional toll it takes on individuals. It can also create financial stress in terms of tax consequences.
More Articles »