The state follows the policy of equitable distribution when distributing marital property. For most of the time, the court will divide assets and property in a way that it thinks is fair. The court takes into consideration the length of the marriage, each spouse’s economic conditions, and assistance given by each spouse to the marital assets. This is different from a community property state where assets are divided equally, irrespective of the specific circumstances. It is important to know that if you are essentially going through a divorce in New York.
Robert G. Frank, LLC, is a law firm with broad experience handling property division matters during a divorce. We help our clients navigate this complex process by making a strategy tailored to the exclusive facts of each case while constantly looking for the best possible result for their clients. They work cooperatively with the other party’s attorney, but if essential, they can be very aggressive in defending their client’s welfare.
Finally, if you are going through a divorce in New York, hiring an equitable distribution lawyer can help ensure that your property is divided equally and that you receive your share of assets.
How does separate property become marital property?
Separate assets can turn out to be marital property through a legal procedure referred to as “commingling.” This occurs when properties that have been formerly considered separate belongings come to be blended with marital assets to the point where they are unable to be identified one after another.
For example, if an inherited sum is deposited right into a joint financial institution account and used for daily charges, or if your partner invests in your separately owned properties or makes renovations with together-held finances, these belongings may grow to be marital assets.
Additionally, if you use separate property to acquire mutually owned property, along with the use of an inheritance to purchase your own family home together with your partner, the inheritance loses its separate-asset reputation, and the house turns into marital property.
It is important to be aware that the laws governing the conversion of separate property to marital assets vary by country. Some states, including California, observe the principle of “network belongings,” which holds that each asset obtained during a wedding becomes the joint property of both events, irrespective of whose name it is or the way it was obtained. In different states, such as New York, the “equitable distribution” precept is observed, which considers elements along with the length of the wedding and the contributions of each celebration.
Property distribution after divorce in New York
When going through a divorce in New York, the division of assets is determined by equitable distribution. This actually means that property is divided in a way that is fair but not necessarily equal. The first step is to have a proper valuation of all assets, including those acquired before the marriage. The court distributes property after considering a number of issues.
These factors literally include the length of the marriage, each spouse’s income and property, the non-financial contributions of each spouse, the age, health, and earning capacity of both spouses, and the kind of liquid and non-liquid nature of the property involved. The court will also really consider whether spousal support was actually awarded and whether there was definitely any wasteful dissipation of assets prior to the divorce. In addition to these factors, both spouses’ wishes regarding certain assets may be taken into account. However, it is imperative to note that the court may not always share property according to the requirements of the parties involved. Eventually, the division of assets is resolute based on what the court considers to be essentially fair and equitable for both parties.
Equitable distribution of marital property in New York
This does not necessarily imply that the distribution of assets and liabilities is equal; rather, it simply means that the distribution is carried out fairly. The equitable distribution rules govern how marital assets are divided in the state of New York. The court must take into account fourteen statutory factors, which include but are not limited to the following, in determining how to distribute marital property fairly.
- The revenue and property of the respective party for the occasion of the marriage and the action’s commencement
- The number of years the marriage has continued; either party’s ages and health;
- Each party’s anticipated financial situation in the future;
- Any equitable demand for, interest in, or straight or indirect assistance made in connection with the acquisition of such marital property by the party without title, comprising joint efforts, expenditures, and services as a spouse, parent, wage earner, and homemaker, as well as contributions to the other party’s career or potential career;
You can better understand how equitable distribution functions in New York by speaking with one of our attorneys. However, if separate property increases in value throughout a marriage, the increase may, in some cases, be considered a marital asset that is subject to an equitable division between the parties. If the titled spouse can demonstrate that an asset is a separate property, it is not subject to equitable dissemination and remains in that spouse’s name. Contrarily, the assets of a party may be deemed the separate property of the titled spouse if they were acquired before the marriage, as a legacy or gift from a third party, or as part of a personal wound settlement. Property acquired over marriage is typically considered to be marital property.
Convenient location to serve you
Convenience is essential when dealing with legal matters, especially during a divorce. The team at Robert G. Frank understands this and has location options to serve clients in the New York and Long Island areas. By contacting them to arrange an appointment for an initial consultation, clients can discuss their cases with experienced family lawyers who have been practicing for decades in the area.
Robert G. Frank provides a personalized approach that focuses on meeting clients’ unique needs, including separation agreements and equitable distribution. They understand the sensitivity of divorce cases and work to alleviate any stress that clients may feel. By choosing to work with Robert G. Frank, clients can have peace of mind, knowing that they are receiving the best possible legal representation. The team is committed to the efficient resolution of cases, all while ensuring the highest level of attention to clients’ cases. Contact Robert G. Frank today and put decades of experience to work for you.
Equitable distribution of assets in Queen
We meticulously prepare our cases and make solid, convincing arguments on behalf of our clients, which frequently results in favorable outcomes. At Robert G. Frank, Forest Hill, our collective legal experience totals decades and decades. At Robert G. Frank, we have collective legal experience. To level the playing field and defend your rights, it is crucial that you have a Queen’s divorce lawyer on your side. Although equitable distribution frequently implies that you and your soon-to-be ex-spouse will split everything equally, it also means “fair,” which is entirely a matter of opinion. In the state of New York, this procedure is used to distribute marital property. If you and your partner reside in New York and are currently considering divorce, it is imperative that you are aware of how the law will split your property and assets during a divorce.
Understanding the process of property distribution
Couples might also need to exchange specific paperwork and get appraisals. The exchange of all financial information in a marriage nets worth statement, which must be signed under penalty of perjury, will be the first step for couples going through a divorce. Following this conversation, there will be a three-step procedure that entails the following:
Identification: The court should distinguish which property is “independent” and which is “conjugal.” Most frequently, any property that the individual procured before the marriage will be delegated “discrete,” and property obtained throughout the marriage will be “conjugal.” Notwithstanding, there are consistently special cases, like a legacy.
Valuation: The second step involves giving each asset a value so that the court can distribute the assets equally over dispensation. Some wealth will be hard to assign a precise worth to because it fluctuates in value (such as stocks), while others will rise and fall in rate.
Distribution: The final step is distribution, and the court will choose how to impartially share the assets. According to New York Household Relations Law 236 BY 5, the court must take into account a number of causes before making a judgment, including each party’s earnings and assets, each spousal support award, the length of the wedding, the impact on taxes, and more.
Robert G. Frank, best attorney for equitable distribution
Divorce can be a complex and emotionally charged process, with the division of assets being one of the largest hurdles to conquer. If you accept as true that your partner could be hiding assets or have an extra widespread portion of the marital wealth, it’s very vital to try to find the advice of a skilled equitable distribution attorney.
Robert G. Frank is a skilled attorney for your region and will help you navigate the complex legal panorama and combat it to make certain that you acquire a fair and just share of the marital assets. With the knowledge that you have received everything to which you are entitled, you will be able to continue living your life with confidence. In order to protect your legal rights and guarantee that you receive a fair settlement, it is highly advised that you seek the assistance of a knowledgeable equitable distribution attorney if you are going through a divorce.