Equitable Division: What it is and how it Impacts Your Divorce
Going through a divorce is a painful and difficult process. It can cause a great deal of stress, and at times you may feel overwhelmed by the ordeal. However, it is important to keep your head straight and to look after your financial and personal interests. Hiring a New York Garden City divorce lawyer can assist you in the process.
New York is an equitable distribution state. This means that the court will not simply divide marital property 50/50. The law aims to distribute property between spouses in a way that is fair and reasonable in accordance with the particular facts of each case. Judges consider many factors before making their decision. Among the more significant factors the court will look at are the length of the marriage, the age and health of the parties, the present and or future earning capacity of the parties, the presence of children, the direct and or indirect contributions of a spouse to the acquisition of property, tax consequences, and the wasteful dissipation of assets by a spouse.
It is always preferable to exercise your option of negotiating a settlement on your own. Sitting down with your respective lawyers and deciding how your assets are to be divided, if possible, is usually less costly and always less risky than asking a judge to decide for you. Going to court is the last resort, and only encouraged when your spouse is unreasonable.
Before making a decision, the judge will need to know what property was acquired after the marriage and what you each brought to the marriage. The assets you owned before you were married are not subject to division, provided they retain their separate character during the marriage and are not comingled. The only exceptions are assets that increased in value since the marriage due to the contributions of either spouse. For example, if your ex owned a company before you married and you made considerable contributions to its growth and expansion, then you can claim an interest in the business. The best way to ensure that you get your fair share of the marriage assets is to hire a divorce lawyer Garden City. Speaking to Garden City divorce attorneys at Fass & Greenberg will help you preserve your interests and protect your rights.