How Equitable Distribution Works In New York
Deciding how to divide property can be one of the more difficult aspects of your divorce. The situation can become even more complicated under the New York laws of equitable distribution, which means your property will be divided fairly, not necessarily equally.
When dividing marital property, you need an advocate you can depend on to look out for your needs and protect your best interests. Patrick M. Noe, Jr., Attorney at Law, is there for you. Attorney Noe will work directly with you to understand and meet your needs. Contact our Williamsville office today at 716-803-8741 for a free phone consultation.
Understanding Equitable Distribution
You usually only need to divide the property in your marital estate during a divorce. Marital property typically includes assets such as:
- Your home
- Retirement assets
Additionally, New York’s equitable distribution laws consider the financial contributions of each spouse during the marriage as well as their needs after the marriage.
The fair division of this property through equitable distribution is meant to maintain the current and future financial standings of each spouse after a divorce. Understanding this concept is important. It could help you and your spouse establish a property division agreement without court involvement.
Therefore, it is essential to understand the factors that the court uses to calculate equitable distribution.
Factors To Determine Fair Asset Division
There are many factors to consider when determining equitable distribution, including but not limited to:
- Each spouse’s income
- The length of the marriage
- Each spouse’s overall health and age
- The amount of spousal support (if applicable)
- The estimated future financial situation of both spouses
Calculating these factors can be complex. It is important to remember that you do not have to do this alone.
Patrick M. Noe, Jr., Attorney at Law, will analyze your circumstances and help you craft a strategy that meets your goals. We understand how difficult divorce can be, and we strive to reduce your stress as much as possible.
Protect Your Interests. Contact Us Today.
We are always available to discuss your concerns or answer any questions you may have about equitable distribution. From our Williamsville location, we serve families all over the Buffalo area. Call 716-803-8741 for a free phone consultation with our lawyer or contact us online.