You and your spouse may have accumulated a lot of assets throughout your marriage. This may make splitting them up in your divorce proceedings no easy feat. If this is a hotly contested issue between you two, which it almost always is, you may have to leave this decision up to the New York family court. Here, the court may adopt the equitable distribution principle. Follow along to find out how equitable distribution works in a divorce and how a proficient New York City division of assets attorney at Zimmet Law Group, P.C. can help you fight for an appropriate outcome.
What is the difference between marital property and exempt property?
Before distributing assets between you and your spouse, the New York family court will evaluate and classify your assets as either marital or exempt property. This is primarily because only your marital property will be subject to the equitable distribution process.
For one, marital property is what you and your spouse brought into the marriage or acquired throughout your marriage. The most common examples of marital property generally entail the family home and cars you and your spouse purchased, along with the money you and your spouse earned, during your marriage.
On the other hand, exempt property is what you and your spouse acquired before your marriage, inherited during your marriage, or was gifted by a third party during your marriage. For example, you may have owned a car before you got married. Or, you may have inherited a real estate property upon your loved one’s passing. Lastly, you may have been gifted a family heirloom by a loved one before their passing. Of note, what may also qualify is the property you and your spouse excluded from your marital estate within the terms and conditions of your valid and enforceable prenuptial agreement.
How does equitable distribution work in a New York divorce?
The equitable distribution process may commence once the New York family court establishes the marital property. To determine the most fair and just way to divide this property, the court may deeply consider the following factors:
- The age and health of you and your spouse.
- The earning capacity of you and your spouse.
- The length of your and your spouse’s marriage.
- The standard of living established by you and your spouse throughout your marriage.
- The economic fault you or your spouse committed, which may have ultimately served as the grounds for your divorce.
- The tangible and intangible contributions you and your spouse made toward the marital property throughout your marriage.
If you are unsure of your next move, resort to one of the talented New York City matrimonial and family law attorneys. Someone at Zimmet Law Group, P.C. will know what legal option works in your best interest. So call our firm today.
