Getting a divorce requires the couple to divide their marital estate. Many times, divorcing couples are able to come to an agreement on how their joint property should be separated but sometimes, they need the court to step in and divide the estate on their behalf. There are a number of different factors that the court will take into consideration when dividing a couple’s marital estate. The court will use the process of equitable distribution to divide assets between parties, meaning that the estate will be divided in a fair and just manner. It is important to be aware that equitable distribution does not mean the assets will be divided equally between parties.
Some of the many factors that New York courts will assess when determining equitable distribution include the following:
- The length of time that the couple was married
- The age of each party
- The health of each party
- The standard of living that was established during the course of the marriage
- The income and earning capacity of each party
- The need for additional education or training of either party
- The value of the property that is in the marital estate
- The contribution of either party to the marital property
- The tax consequences that either party may face
- The overall financial circumstances of either party
It is important to note that only marital property will be divided during equitable distribution. This includes all property that was brought into the marriage or acquired during the course of the marriage. Some property may be exempt because it was given as a gift, inherited and kept separately, excluded because of a prenuptial agreement, or acquired before the marriage.
If you need an experienced attorney to walk you through the divorce process or if you have questions regarding the future of your assets in a divorce, contact Zimmet Law Group, P.C. today so we can assess your situation.
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.