When a couple makes the decision that their marriage is no longer working and they want to get divorced, there are many steps that must be taken in order to finalize the process. One of the most time-consuming parts of the divorce, depending on the couple, is known as equitable distribution.
The process of equitable distribution is simply the division of any marital assets that the couple acquired throughout the course of the marriage. These assets may include a home, a car, a boat, stock market investments, timeshare properties, and anything else that was purchased with marital funds during the time in which the couple was married.
A question that many people ask is whether they have to include any of their own assets that were purchased, gifted, or inherited before the marriage. These are not included in the division of assets. Another common question regarding equitable distribution is whether an inheritance that was acquired during the course of the marriage is considered marital property. If the inheritance money was put into a separate bank account that is not shared with the other spouse, then it will not be included in the equitable distribution process.
One common misconception that many people have when it comes to equitable distribution is that the assets will be divided in half. That is not always the case. The court will assess your situation and determine what is the best division of property. The bottom line is, if you have a whole pie, equitable distribution means the pie is split into half, or two-thirds, or three-quarters, whatever the case may be. Equitable distribution just means splitting up your stuff.
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, contact Peter V. Mandi & Associates, Inc. today for a free consultation.
