In New York State, equitable distribution is premised on the notion that a marriage is an economic union of two people.
Equitable distribution refers to how marital property is allocated and divided in a fair and equitable manner between the individuals divorcing. This does not mean that each party walks away with 50% of the marital property, unless that is what is equitable in that case.
For purposes of determining what are marital assets and debts, the Courts generally use a start date and an ending date. The starting date is your wedding date. The ending date is the date that one of you files an action for divorce.
Any assets that are obtained or debts that are incurred during this period of time, by either spouse are marital assets and debts.
The Courts use a variety of factors to determine the equitable distribution award to a party. According to Domestic Relations Law Section 236(B) (5-a)(c)
Marital property shall be distributed equitably between the parties, considering the circumstances of the case and the respective parties.
When determining an equitable distribution of property the court considers the following:
If you are considering divorce contact our office to discuss how we an help your reach a fair and equitable division of your marital assets. At the Law Offices of David L. Martin, Esq.,P.C. we will handle your divorce with care and concern so that your best interests are served. Contact us today to find out how we can assist you.
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