Equitable Distribution in New York
Long Island Property Distribution Lawyers Handle Divorce Conflicts
divorce, one of the most important issues to address is how your marital property
will be divided. This process, referred to as "equitable distribution,"
can quickly turn into a
contested divorce. It's not uncommon for divorcing spouses to have conflicting opinions
over how their property should be divided. Things can quickly turn sour
when one or both parties do not get their way.
What Property Can be Distributed in Divorce?
Before you file for divorce, it's best to speak with an experienced
Long Island divorce attorney who can protect your interests by making
sure your rights to marital property are not overlooked or ignored. Under
New York law, all assets, money and property acquired during the marriage
are to be considered in equitable distribution, regardless of which party's
name is on the title of the asset. Equitable distribution reflects the
idea that because a marriage is a joint venture, each party in the marriage
has a right to claim the property and assets of the marriage in an equitable
or fair manner.
Examples of marital property include:
- Real estate
- Time shares
- Pensions and profit sharing plans
- Retirement accounts
- Checking and Savings accounts
- Stock options
- Investments (i.e. mutual funds)
- Business ventures and professional practices
- Antiques / collectibles
- Whole life insurance
Unlike marital property, separate property is not eligible for distribution
under New York equitable distribution laws. Separate property refers to
any property acquired by either spouse before the marriage commenced or
after the commencement of a divorce action. Inheritances and gifts from
third parties are also considered separate property, as well as personal
injury awards. The appreciation of some separate property assets may be
considered marital property, particularly active assets like a business.
In addition, a separate property asset that is commingled with marital
assets may be considered marital property. After an initial consultation
with an attorney from our firm, we will be able to determine what assets
are marital and what are separate.
Read our blog,
"How Is Property Divided in a New York Divorce?" to learn more!
How an Experienced Divorce Attorney Can Help
Understanding your rights under equitable distribution can be confusing,
so it's best to work with a knowledgeable and well-practiced divorce
lawyer who can help you assert your rights and make sure your property
and assets are protected. At Samuelson Hause & Samuelson, LLP, we
have more than 100 years of collective experience in New York divorce
and matrimonial law and we have represented thousands of clients throughout
Nassau County and Suffolk County, Long Island. We will advocate your best
interest, protect your property rights, and help you resolve any obstacles
or discrepancies that may arise.
Contact us today by calling our office or by completing our
online case evaluation form. We look forward to hearing from you soon.