Applying Principles of Equitable Distribution in New York Divorce
In the early stages of a divorce, it can be hard to figure out the specifics of property division. How much of the marital property should you expect to receive? What about the debts? Do the spouses agree on just what the marital assets or liabilities cover? For dependable advice about property division issues and asset protection in New York divorce, contact a lawyer at Romeo & Schmitt, P.C. in Rochester.
We work closely with each client so that you achieve a practical understanding of New York's equitable distribution rules and how they might apply in your case. Even though equitable distribution means a fair division rather than a strictly equal one, New York courts tend to take an even split as the main objective, unless one side or the other can show that a different distribution scheme is appropriate under the facts of the case.
The starting point is to develop an accurate idea of the value and character of the marital assets and liabilities. Bearing in mind that we're speaking in terms of equity rather than market value, our attorneys work to answer the following questions:
- What assets are included as marital property?
- What's the value of the equity in each asset?
- Did each spouse make a complete and accurate disclosure of income, assets and liabilities?
- Will spousal maintenance be an important issue in the divorce?
- Will either spouse claim particular assets as separate property that won't be considered in the marital property division?
- Are there any separate debts?
- Were any assets improperly transferred out of the marital estate before the divorce or separation?
Marital assets will generally include any property acquired by either or both spouses during the marriage: house, vehicles, pensions, investment or vacation property, and just about anything else that was not a gift or inheritance. Once we get answers to the questions listed above, we can start negotiating a property division agreement with the other side.
Call 866-721-5655 or 585-232-1770 for Advice About Equitable Distribution
You should be aware that, except in the worst cases, either spouse's bad behavior during the marriage won't affect the equitable distribution of the assets and liabilities. Examples of circumstances that could increase the injured party's portion of the property include a violently abusive relationship resulting in serious harm or egregious dissipation of marital property.
The attorneys of Romeo & Schmitt can advise a divorcing spouse about the full range of property division questions at all levels of affluence or complexity. Contact us in Rochester to learn more about your rights.
