About Equitable Distribution in Divorce in New York

New York Divorce Attorney

New York state law provides for an "equitable distribution" of the assets and liabilities that were accrued during the term of a marriage. Those assets that are obtained during the marrigage are considered to be marital with certain exceptions. The first vital step in determining how the property division will take place is a full evaluation of your specific case. Identifying those assets that are marital and which are separate property should take place early if you are considering a divorce. A Suffolk County divorce lawyer from Winkler, Kurtz, Winkler & Kuhn, LLP can help you with this vital process.

Marital and Separate Property

The court deems that marital property is that property that either spouse acquired during the term of the marriage. There are certain exceptions to this rule. The usual types of marital property include real estate, bank accounts, accrued debt, vehicles, life insurance cash value, pensions, time shares, businesses and the appreciation of these assets during the marriage years.

Separate property generally is any property that was held solely by one spouse before the marriage and kept separate during the marriage or acquired after the divorce is commenced. Any inheritance, gifts from other parties or compensation from a lawsuit for pain and suffering are also considered separate property - if they are kept separate. If these assets were blended or an inheritance was used to improve a shared property the issues become more complex. In simple cases, these properties remain the property of the original owner. In more complex cases it could be necessary to resolve issues in which separate property became marital property. This could include issues such as when one party of the marriage had the family home in their name only and later added the other party's name to the deed or both parties shared the home for many years and made capital improvements; the court may look at this situation differently, based upon the duties and income of each party over the years of the marriage.

When the two parties cannot agree on asset division, it is left to the court to decide. This can be a difficult experience for anyone; those assets that you have become attached to over the years in some cases must be sold, or one party must buy out the other's interest in it. Anyone familiar with the justice system is aware that who you choose to represent you can make a significant difference in the outcome of such a determination. Our legal team at Winkler, Kurtz, Winkler & Kuhn, LLP has the experience to present your case and to vigorously pursue the outcome you are seeking. We will protect your legal right to your fair share of marital assets. It is vital that you have your own legal counsel and that your interests are their only concern.

Contact a Suffolk County divorce lawyer to assist you in any issue regarding equitable distribution.