When a married couple in New York feels as though their marriage is no longer working, they may start the divorce process. One of the major aspects of any divorce is the issue of dividing marital assets between the two spouses as they part ways. Often, a couple getting divorced disagrees on how assets should be divided and needs the judge to decide on their behalf. In New York State, the process for dividing assets is known as equitable distribution. While this process divides assets in a fair and just manner, they are not always divided equally, contrary to popular belief.
The court will take a number of different factors into consideration when allocating assets, some of which include the following:
- The length of the marriage
- The age of each spouse
- The health of each spouse
- The income and earning capacity of each spouse
- The standard of living that was established during the course of the marriage
- The value of the property
- The tax consequences associated with the property
- The financial circumstances of each spouse
- Each spouse’s contribution to marital property
It is important to note a few things about dividing property, including:
- Marital property will be divided but separate property will be exempt
- Marital fault does not play a role in dividing assets but economic fault can
If you have questions about the equitable distribution process in New York, contact our firm today.
Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.