Divorce is a very complex issue, and unfortunately, it tends to have a ripple effect. Not only will divorce affect you and your spouse, but it may affect your children and finances as well. This is why if you are getting a divorce, you must do all you can to preserve your hard-earned assets from the litigation process. When couples are in a contested divorce, meaning they cannot agree on certain terms, they open their assets up to equitable distribution. If you are someone who believes you are entitled to certain assets that may now be at risk, you must do yourself a favor by reading more and hiring an experienced attorney who is ready to fight for your rights.
What is the equitable distribution of marital property?
While the term “equitable” may sound like “equal,” that is not necessarily the case. Equitable distribution is essentially a fair and just split of your marital assets. If the court believes one party is either entitled to or has a greater need for certain assets, they will generally grant them those assets. However, needless to say, most people who have their assets divided by a court feel as if they received the short end of the stick. This is why you must ensure you contact a knowledgeable attorney from the start.
What is considered a marital asset?
Marital assets are all assets that were acquired during your marriage, which can include your home. Separate assets, on the other hand, are assets acquired before or outside of your marriage, like gifts or inheritances. While marital assets are up for equitable distribution, separate assets generally are not.
How will the court decide who gets the house?
The courts have a lot to consider when deciding who is entitled to your home. The ultimate goal of the litigation process is to reach the fairest compromise possible. Some of the factors the court will consider are as follows:
- Your income
- Your debts and liabilities
- The value of your property, and whether you have multiple properties
- Tax consequences
- Your marital standard of living
- How you and your spouse will live after equitable distribution
- Child custody agreements
- Child support or alimony agreements
- The length of your marries
- You and your spouse’s age and health
- Whether you or your spouse will need assistance paying for your child’s medical or educational expenses
Contact our experienced New York firm
The Law Office of Peter L. Jameson, PLLC is an experienced divorce and family law firm located in New City, NY. It is essential to retain effective legal guidance during such pivotal times in life. Contact our firm today to discuss your legal matter and get the quality legal representation you deserve.