As a divorce attorney and mediator for over 35 years, I have been guiding many spouses on the process of divorce. The more educated you are about divorce, the better decisions you can make.
Today I am going to answer some of your questions about equitable distribution. Grab your ipad and take a few notes.
What is equitable distribution?
--Andrew, Brooklyn, NY
Equitable distribution is a method of dividing property at the time of divorce.
All states except for Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin follow the principles of equitable distribution.
Is all property subject to equitable distribution?
--Stacy, East Hampton, NY
No, it is not. Equitable distribution applies only to marital property. Marital property is all property acquired during the marriage. Marital property does not include property obtained during marriage by gift or bequest.
Property along with any assets acquired before marriage, is considered the separate property of the acquiring spouse. Be aware, there are some exceptions to this rule.
If my spouse and I agree on how we should divide our property, do we have to rely on equitable distribution laws?
--Jonah, New York City
A court will only engage in equitable distribution if a divorcing couple is unable to negotiate a property settlement. If a couple is able to agree on how to divide their property court intervention is not necessary. Couples can “opt out” of the equitable distribution laws in an agreement.
What Factors Are Considered In Determining How To Divide Marital Property?
--Ruby, Scarsdale, NY
- Financial condition and earning power of each spouse.
- The value of each spouse's separate property, including a spouse's business, business interests, retirement plans, 401(k) plans, stocks, bonds, etc.
- How each spouse contributed to the acquisition of marital property.
- How much each spouse contributed to the education and earning power of the other spouse.
- Future financial needs and liabilities of each spouse.
- The ages and overall health of each spouse.
- Premarital and prenuptial agreements.
- Spousal maintenance or alimony obligations.
Thank you for submitting your questions and contributing to our blog.
If you have questions about equitable distribution, I can answer them during our comprehensive, free 1-hour consultation.
I will be happy to help you with your divorce whether you mediate or litigate. A tailored divorce process is available based upon your needs and wants!
If you are thinking about divorce, don’t let the holidays get in your way! Start the process now!
Call me today and learn what you need to know!
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I look forward to speaking with you.
Stay healthy and safe!
Warm regards,
Lois
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212.734.1551
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