New York is an “equitable distribution” state…What does that mean for your divorce? Let us explain.
Equitable v. Equal
New York is an “equitable distribution” state when it comes to the division of marital assets. Although “equitable” doesn’t necessarily mean “equal,” in most cases, that’s the end result. If the facts of your case warrant, there are a number of factors the court can apply to deviate or depart from an “equal” division to arrive at an “equitable” or fair division of marital assets. This result most often requires the time and expense of a hearing or trial, the cost of which has to be balanced against the likelihood of success. Factors the court “shall” consider include the following:
- The income and property of each party at the time of marriage, and at the time of the commencement of the action;
- The duration of the marriage and the age and health of both parties;
- The need of a custodial parent to occupy or own the marital residence and to use or own its household effects;
- The loss of inheritance and pension rights upon dissolution of the marriage as of the date of dissolution;
- The loss of health insurance benefits upon dissolution of the marriage;
- Any award of maintenance;
- Any equitable claim to, interest in, or direct or indirect contribution made to the acquisition of such marital property by the party not having title, including joint efforts or expenditures and contributions and services as a spouse, parent, wage earner and homemaker, and to the career or career potential of the other party;
- The liquid or non-liquid character of all marital property;
- The probable future financial circumstances of each party;
- The impossibility or difficulty of evaluating any component asset or any interest in a business, corporation or profession, and the economic desirability of retaining such asset or interest intact and free from any claim or interference by the other party;
- The tax consequences to each party;
- The wasteful dissipation of assets by either spouse;
- Any transfer or encumbrance made in contemplation of a matrimonial action without fair consideration;
- Any other factor which the court shall expressly find to be just and proper.
Experience and Expertise is Critical to Success
You and your lawyer must work together to determine whether any factors are relevant to your case. The Rossi Law Firm has the experience and expertise to fight for what you are entitled and ensure you have financial security moving forward.
When you hire The Rossi Law Firm, Michael Anthony Rossi will personally handle your case. Michael is nationally recognized and has consistently received the highest possible rating for both legal ability and ethical standards. With over four decades of experience handling complex divorce and custody cases, our Buffalo divorce team understands the emotional and financial challenges individuals experience when facing the uncertainty of divorce. We will be there for you when you need the guidance and direction to get you through the difficult times. If you are ready to move forward with divorce, call Michael Anthony Rossi at The Rossi Law Firm at 716-854-5555. “It may be the most important call you will ever make!