Asset distribution is one of the most frustrating issues that arise during the divorce process. New York State follows equitable distribution, meaning the court must oversee a fair division of marital property. However, this is not as simple as dividing everything 50/50. Our Suffolk family lawyer at Simonetti & Associates is well versed in all aspects of asset distribution and is here to help simplify the process. Continue reading to discover how assets are distributed after a divorce.
How Are Assets Distributed After Divorce?
If you are in the midst of the divorce process, it’s essential to understand the laws of marital property division. Community property consisting of all assets and profits accrued throughout the marriage is usually subject to equitable distribution. When dividing assets with the equitable distribution rule, the courts follow these guidelines:
- Sorting the Property – The court will decide whether each asset is separate property or marital property. Separate property is defined as property obtained before the marriage that is continually held separately. Marital property is property acquired after the marriage began.
- Assigning Value – Marital property is appraised to assign value as of a specific date. The date can have a significant impact on the value.
- Distribution – The court will distribute property to each spouse based on what the judge deems fair under the circumstances.
In most cases, couples can achieve an agreement on property division that meets both of their needs. However, if you and your ex partner can’t agree on how to divide marital property, the judge will sort each piece of property into categories and divide the estate accordingly. If you are interested in negotiating a property settlement with your spouse, an accomplished Suffolk family lawyer can help. Our team will work diligently to ensure fair division by gathering evidence and building a solid case to support your rights.
Contact Our Suffolk Family Lawyer
If you are interested in making the most of your marital assets, our Suffolk family lawyer at Simonetti & Associates is here to help. Our dedicated legal team will work with you to ensure a clear settlement and help you achieve a favorable outcome. Be sure to contact us today to learn more about asset distribution or schedule a consultation.