How is property divided in a NY divorce?
One of the major concerns that many people have when it comes to divorce is regarding the distribution of property. The bottom line is that no one wants to lose their belongings. Of course, that’s usually not how divorce works. In a New York divorce, property is divided through a process known as equitable distribution. This simply means that all marital property is divided by the court in a fair and just way.
Before any property can be divided in divorce, the court will have to determine what property is marital and what property is separate. Separate property is anything that either spouse acquired prior to the marriage. On the other hand, marital property is anything that was acquired during the course of the marriage. Only marital property gets divided. It is important to note that in the equitable distribution process, property does not have to be divided equally. The court takes many different factors into consideration when dividing up property, such as the financial situation of each party, the duration of the marriage, the value of assets, and their contribution to marital assets.
Equitable distribution is often a very contested matter. Therefore, it is important to have the guidance of an experienced divorce attorney who can represent your best interests. Contact our firm today for strong legal representation during your divorce.
The Law Office of Peter L. Jameson, PLLC is an experienced divorce and family law firm located in New City, NY. Contact our firm today to discuss your legal matter and get the quality legal representation you deserve.