When a couple in New York decides that it is time to end their marriage through the process of divorce, one of the things they will have to do is to divide their property. The division of assets and liabilities is often one of the most complex parts of any divorce, simply because no one likes the idea that they may lose a significant portion of their belongings. The courts divide property through a process known as equitable distribution. It is important to note that equitable distribution does not mean that property is divided equally. This only means that the courts will divide property in a fair and just manner.
In addition, the courts will only divide property that is considered “marital property.” This is typically only the property that was acquired during the course of the marriage, with some exceptions. There are sometimes cases in which property that was acquired during the course of the marriage can remain separate. For example, if one spouse inherits a sum of money and they keep it in a separate account that does not have the other spouse’s name on it, it will be left untouched in the divorce.
It is important to have quality legal guidance that can represent your best interests during the equitable distribution process. Contact our firm today.
Peter V. Mandi, Esq. is an experienced divorce and family law attorney located in Bohemia, New York. If you require strong and dedicated legal representation in Long Island, New York, contact Peter V. Mandi & Associates, Inc. today for a free consultation.