Property Division Equitable Distribution Lawyers
As couples stay married year after year, they accumulate many marital assets. While this may be of little concern during the marriage, once the couple decides to dissolve the marriage problems can arise. When divorce proceedings begin, dividing up the property in ways that are equitable to both parties can be a complex process. Since emotions can be strong on both sides, it may prove to be very difficult to reach agreements that will satisfy everyone. To ensure your legal rights are protected during this process, it’s to work with Long Island property division lawyers who have knowledge and experience in these matters.
Equitable and Fair Divisions
When couples divorce in New York State, courts take a number of factors into consideration when ensuring all property is divided up in an equal manner. However, to accomplish this, the court must consider many issues that play important roles in reaching final decisions. Some of the factors looked at by the court include how many years the couple was married, how much property is to be divided, and the potential earnings of each spouse once the marriage is over.
Duration of Marriage
In most cases, the longer the marriage lasted, the more property there is to be divided up. Because of this, the task of dividing up the property in a equitable manner can be a long and complex process. In situations where one spouse depended largely on the other spouse’s income to maintain a certain standard of living, courts will usually award the lower-income spouse a larger percentage of the couple’s property so that the usual standard of living may be maintained. In addition to receiving a larger percentage of the couple’s property, courts may also award spousal maintenance, but this will be determined separately from the property division.
How Much Property Is At Stake?
In these cases, it’s important to remember that the only property that will be under consideration is that which was acquired by either spouse throughout the marriage. Any property owned by either spouse prior to the marriage, as well as any gifts or inheritances, are not looked upon by New York courts as marital property. In some instances, couples may have created a written agreement prior to the marriage stating that some property would remain in his or her name, which can make the division and distribution process easier.
When the court is trying to determine how property should be divided among a couple, personal situations and circumstances often play a pivotal role. Factors such as a person’s health, age, and ability to find employment that will let them maintain a reasonable standard of living are closely examined by the court. In cases where health issues may be a detriment to a spouse finding employment, courts will often award a higher percentage of property to them in order to have a good standard of living.
Contact an Attorney
When it comes time to dissolve a marriage and questions arise regarding the division and distribution of property, utilizing the services of Long Island property division and equitable distribution lawyers can make all the difference.