One of the most frequently contested issues in any divorce is when the couple has to divide up their assets and liabilities. Of course, no one wants to hear that they will likely lose some, if not most, of their personal belongings in their divorce. Most frequently asked is what will happen to a house or a car or another significant asset. Unfortunately, there is no telling immediately exactly what will happen. However, it is important to be aware that in the equitable distribution process, only marital property and marital debt will be divided. Any property that was acquired prior to the time in which the couple was married is known as separate property and is not included in the equitable distribution process. It is also good to know that if one spouse acquired a legal settlement, gift, or inheritance and did not commingle it with marital funds, they may be able to have it excluded from division.
The court takes a number of factors into consideration when dividing assets and liabilities. Some of these factors include:
- The duration of the marriage
- Each spouse’s contribution to the assets or liabilities
- The standard of living during the marriage
- Tax consequences each party will face
- The age and health of each party
If you have questions about equitable distribution, contact us today.
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.