A divorce calls for both spouses to separate a life that they brought together over a period of time. During this time, what is known as the division of assets takes place. This divides the couple’s assets between the two of them before they can be officially divorced. Often times when facing these matters, spouses wonder what they are entitled to receive. If you are going through a divorce, it is important to contact an experienced New York divorce attorney to learn more about the process.
What is Litigation?
When spouses are unable to agree to the terms of their marital issues, they can find themselves going through what is known as a contested divorce. This often leads to litigation, where the court makes decisions on these matters for the couple. It is during this time that the couple’s assets are subject to equitable distribution. While many believe this is an equal division of assets between the two, this is not always the case. Instead, it means a fair and just division of the assets.
In order to determine which assets belong to which spouse, the judge will consider various factors about the marriage and each spouse. This can include the length of the marriage, both spouses’ financial situations, if the two have children together, and more. In addition to this, the court usually considers if one party owes spousal maintenance or child support payments. For example, one spouse who is financially dependent on the other may receive a larger portion of assets in order to maintain stability. These situations often leave spouses disappointed because they do not always receive every asset they wanted.
What Assets are Subject to Equitable Distribution?
No one is usually very willing to give up assets that they acquired and valued over time. This makes the division of assets fairly difficult during a divorce. In order to divide assets fairly, the court determines what is marital property and what is separate property. Marital property consists of assets that are acquired during the marriage. Separate property consists of assets that were acquired before the marriage that were never converted to marital property. This can include real estate, automobiles, bank accounts, etc. If there is a family business mixed up in the divorce, it is important to determine the future of the company as well. A skilled attorney can provide guidance with these matters during this time.
Contact our Firm
Peter V. Mandi, Esq. is an experienced divorce and family law attorney located in Bohemia, New York. Our firm understands the impact a divorce can have on your life. If you require strong and dedicated legal representation in Long Island, New York, please do not hesitate to contact Peter V. Mandi & Associates, Inc. today.