In many divorces, property distribution is a hotly contested matter. In some cases, a couple can resolve their matter before going to trial. When opinions on what the other deserve differs and emotions run high, a couple can quickly find themselves litigating the matter. When a couple cannot come to terms with the issue of property distribution, their divorce may be contested over this lone marital matter. If you are facing a divorce and property distribution is a contested issue and need a Rockland County property distribution attorney, contact The Law Office of Peter L. Jameson, PLLC for a consultation.
New York, like many others, is an equitable distribution state. This means that when the court decides on the division of assets will be based on what is fair and just to both parties. With many factors to consider, a couple’s allocation differs from situation to situation. This does not often mean an even split as some have come to assume. When deciding on what is equitable, New York judges will consider many factors, including the duration of the marriage, the value of the assets, the couple’s standard of living, the health and age of the individuals divorcing, and the earning capacity and income of each party, just to name a few.
For a court to equitably distribute assets, it is important to decipher between what is marital and what is exempt. Simply put, marital property is an asset brought into the marriage through writing or acquired during the marriage. Separate property is a different matter. More complicated, separate property is left out of the marriage or property acquired during the marriage that could be considered separate, including personal injury payments, gifts, and inheritances.
Allocation starts with assigning a value to assets and debts of the marriage. Some more factors are considered when actually allocating assets, including each party’s contribution to marital assets, each party’s financial circumstances, and tax consequences.
New York is a no-fault divorce state. This means that issues in the divorce will often not be impacted by fault grounds. For example, if adultery was cited, it will most likely not provide either party with a greater entitlement to marital assets. On the other hand, economic fault can possibly impact a case. If either spouse were to purposefully waste assets, the court might consider it as a factor against the wrongdoer.
If you are getting a divorce and property distribution is a contested issue, it is important to discuss your matter with an attorney as soon as possible. The Law Office of Peter L. Jameson, PLLC has over a decade of experience and success helping clients through tough times. The issue of property distribution is a complex one. With so many factors that can impact your case, it is important to have the right legal support. For a consultation with an effective and forthright attorney in Rockland County, contact The Law Office of Peter L. Jameson, PLLC.