One of the aspects of divorce that any couple will have to face as they end their marriage is the task of separating assets and liabilities between each spouse. Of course, this process is tedious and often emotional, as no one wants to be forced to get rid of some of their belongings. When a couple can’t decide on the equitable distribution process on their own, the court may have to divide assets for them. The process of dividing assets in a New York State divorce is known as equitable distribution.
The judge will take a number of different factors into consideration when dividing marital assets and liabilities in a divorce. Some of these factors include the following:
- The length of the marriage
- The age and health of each spouse
- The standard of living that existed during the marriage
- The earning capacity and income of each party
- The value of the marital assets
- The financial circumstances of each spouse
- The tax consequences that would be faced
- The contribution of each spouse to the marital assets
It is important to be aware that marital fault doesn’t play a role in the judge’s decision for dividing assets. However, if a spouse intentionally wasted assets, they may be held accountable for economic fault during the equitable distribution process.
If you have questions, contact us 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.