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 marriage 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
properties should take place early if you are considering a divorce. A
Suffolk County divorce lawyer from the office of Steven P. Kuhn, Attorney
at Law 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
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.
Steven P. Kuhn, Esq. 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.