EQUITABLE DISTRIBUTION OF PROPERTY

Equitable distribution of property is the process of dividing assets and debts between spouses during a divorce in New York. It is very important to understand that equitable distribution is not the same as equal distribution. The court will not divide assets and debts equally, but equitably, considering all of the relevant factors when dividing the property, including, but not limited to the length of the marriage, the contributions of each spouse to the marriage, and the financial circumstances of each spouse.

The following are some of the key topics related to equitable distribution in New York:

• What is equitable distribution?
• What assets are considered marital property?
• What factors does the court consider when dividing property?
• What happens if I cannot agree with my spouse on how to divide the property?
• What are my rights if my spouse is hiding assets?
• How can I protect my business assets in a divorce?
• What is a Qualified Domestic Relations Order (QDRO)?

If you are going through a divorce in New York, it is important to understand the basics of equitable distribution. The links to other articles below provide an overview of the topic, but are not a substitute for legal advice. If you have any questions, you should speak to an attorney.

Select a link below for answers to your questions about Equitable Distribution in Nassau County and Suffolk County, Long Island, New York.

Equitable Distribution

Equitable distribution is a legal term used to describe the process of dividing property between spouses during a divorce. In New York, equitable distribution is the default method of property division, meaning that it is used unless the spouses agree to a different method.

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What Is Equitable Distribution?

Equitable distribution is not the same as equal distribution. In an equitable distribution, the court will divide the property in a way that it considers fair, taking into account all of the relevant factors, such as the length of the marriage, the contributions of each spouse to the marriage, and the financial circumstances of each spouse.

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Dividing Property & Assets

When dividing property in an equitable distribution, the court will consider all of the assets and liabilities of the marriage, including:

• The marital home
• Retirement accounts
• Investments
• Cars
• Personal property
• Debts

The court will also consider the contributions of each spouse to the marriage, both financial and non-financial. For example, if one spouse stayed home to raise the children, the court may consider that to be a valuable contribution to the marriage.

What You Need to Know About Equitable Distribution

If you are going through a divorce in New York, it is important to understand the basics of equitable distribution. Here are some things you need to know:

• The court will consider all of the relevant factors when dividing property.
• The division of property is not always equal.
• You may be able to reach an agreement with your spouse about how to divide the property.
• If you cannot agree, the court will decide how to divide the property.

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Is My Ex Entitled to 1/2 My House

The answer to this question depends on a number of factors, including the length of the marriage, the contributions of each spouse to the marriage, and the financial circumstances of each spouse. In general, however, your ex is not entitled to 1/2 of your house just because you were married. The court will consider all of the relevant factors when dividing the property.

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Is Your Spouse Hiding Assets?

Unfortunately, it is all to common for spouses to attempt to hide assets so that they are not divided during a divorce in New York. This can make it difficult to divide the property fairly. If you suspect that your spouse is hiding assets, you should speak to an attorney right away.

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Pro Licenses Are Assets

Professional licenses can be considered assets in a divorce. This is because professional licenses can have a significant financial value. For example, a doctor’s license can be worth hundreds of thousands of dollars.

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Earning Potential & Property Division

The earning potential of each spouse is also a factor that the court will consider when dividing property. This is because the spouse with the higher earning potential is more likely to be able to support themselves after the divorce.

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Marital Gift Distribution

Marital gifts are generally considered marital property and will be divided in the divorce. However, there are some exceptions. For example, if a spouse received a gift from a third party before the marriage, that gift may be considered separate property.

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Can I Keep the Engagement Ring?

The engagement ring is generally considered a conditional gift. This means that the gift is conditional on the marriage taking place. If the marriage does not take place, the engagement ring is generally returned to the giver.

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Marital Debt

Marital debt is debt that was incurred during the marriage. Marital debt will be divided between the spouses in the divorce, regardless of who incurred the debt.

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Protect Your Rights & Finances

It is important to protect your rights and finances during a divorce. This is why it is important to speak to an attorney as soon as possible. An attorney can help you understand your rights, negotiate a fair property settlement, and protect your assets.

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Financial & Insurance Issues of Divorce   

Divorce can have a significant impact on your finances. This is why it is important to address all of the financial issues of your divorce, such as child support, alimony, and property division. An attorney can help you understand your financial options and make sure that you are protected now and in the future.

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Protect Your Business Assets

If you own a business, it is important to protect your business assets during a divorce. If you own a business it is critical that you speak to an attorney about how to protect that business in your divorce. An attorney can help you create a prenuptial agreement or a postnuptial agreement that protects your business assets.

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Qualified Domestic Relations Orders

A Qualified Domestic Relations Order (QDRO) is a court order that divides retirement benefits in a divorce. QDROs are important because they ensure that you receive the retirement benefits that you are entitled to, even if you are no longer married to the person who earned the benefits.

To be a QDRO, the order must meet certain requirements, such as:

• It must be made by a court of competent jurisdiction.
• It must identify the retirement plan and the participant and alternate payee.
• It must specify the amount or percentage of the benefits to be paid to the alternate payee.
• It must be approved by the plan administrator.

If you are going through a divorce and you want to divide your retirement benefits, you should speak to an attorney about getting a QDRO. An attorney can help you make sure that the QDRO is drafted correctly and that it is approved by the plan administrator.

Here are some additional things to keep in mind about QDROs:

• The QDRO must be specific about the benefits that are being divided.
• The QDRO must be approved by the plan administrator before it can be implemented.
• The QDRO may have tax implications, so it is important to speak to an attorney about this.

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If you have any questions about any of these Equitable distribution topics it is important that you speak to a qualified and experienced divorce lawyer or family law attorney. Contact Hornberger Verbitsky, P.C. today today at 631-923-1910 or fill in the short form on this page to schedule a free consultation and case evaluation.