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equitable
Distribution
In
New York State, the act of dividing marital property and marital debt is called
Equitable Distribution. Martial
property and marital debt is, in its simplest form and with some exceptions, the assets and liabilities
you and your spouse acquired together while you were married to each other.
Equitable is not necessarily the same as equal. In most cases, the parties will negotiate and eventually agree on how to divide their assets and liabilities, and will enter into a Separation or Settlement Agreement with the help of their attorneys. If an Agreement cannot be reached, a trial will be held, and the court will decide what it believes is most equitable for the parties.
Some people are surprised by what can be considered marital assets. Homes and other real estate, cash, bank, and brokerage accounts are, of course, obviously marital assets if earned during the marriage. So are pensions and retirement plans, professional licenses and degrees earned during the marriage, valuable collections, stock options, and in some cases, the appreciation of separate property. Even pets are considered marital property!
Some of these assets may require the services of an expert to place a value on the asset so that it can be properly divided. Where necessary, your attorney, in consultation with you, will engage the services of experts to assist you in the division and valuation of more complex assets.
Contact us to discuss how a divorce, separation or annulment might impact your assets, and how your interest in those assets can best be protected.
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