Divorces mean that the union of a marriage is splitting up. This union can be hard to split. It takes time to split since it has taken time to put it together. When couples decide to get a divorce, they will have to go through steps that splits their lives so that they can carry on as newly single individuals. Their marital union will end. This means that they need to divide their assets along with their lives. Before a court divides the properties of two spouses for divorce, they must establish the difference between marital property and separate property. This can help to ensure that the division is being done fairly so that the individuals will not be left empty-handed. By splitting the property into marital property and separate property, it can decipher when the property was gained. Marital property is considered to be property that is brought into the marriage or acquired during the marriage, meaning that is is owned by both individuals and not a single spouse. This property will be involved in the division of the assets since it is owned by both spouses.
Separate property can consist of assets that were gained before the marriage was official. This property was not agreed upon by the spouses to be brought into the marriage as something that was owned by both of them. However, this can become a complicated matter. When couples mix their assets during marriage or if an asset gains value during that period of time, separate property may not continue to stay separate. Since assets can gain value due to the cooperation and financial resources of the marriage, this may cause it to be considered as marital property. Inheritance is an asset that is handled in a fact-based manner by the courts. If inheritance is acquired during the marriage but is a separate entity, then it may be considered as separate property.
What is equitable distribution?
Equitable distribution is used by judges in court to divide assets for divorces. This is a process that is intended to split marital property based on a fair and just principle. Although property is divided fairly, this does not necessarily mean it is split evenly. The court will use their discretion to decide how the property is split. When deciding how to split assets, the court will consider many factors. These factors can include the duration of the marriage, the standard of living, the value of the marital assets, the health and age of both parties and the earning capacity and income of the couple. The allocation of assets can be impacted by the contribution of each party, tax consequences and an individual’s financial situation.
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.