Nassau Property Division Attorney

Equitable Distribution Lawyer in Nassau

If you and your spouse are thinking about getting a divorce, or if you have already decided that you want a divorce, you are probably wondering what will become of the property you acquired over the course of your marriage. Equitable distribution involves the division of marital property, and this could affect any property accumulated during the marriage, as well as property your spouse gained before the marriage but was enhanced using marital funds, or property that was acquired jointly or separately during the marriage.

New York is an "equitable distribution" state, which means that almost all property obtained during a marriage will be divided between spouses, regardless of whose name is on the title. Please note that "equitable" does not mean the same thing as "equal."

All property that was acquired by either spouse during the marriage is considered to be marital property. However, the following may be excluded as "separate property" which means that it will not typically be subject to division:

• Property that was acquired by one spouse before the marriage.
• Inheritance, money, or gifts that one spouse received from a person other than their spouse.
• Compensation that a spouse was awarded for pain and suffering during a lawsuit or claim for personal injury.

While separate property will not be distributed, marital property must be distributed "equitably." Many different factors will be taken into consideration as the court distributes marital property, and some of these factors include:

• The length of the marriage
• The age of both spouses
• The health of each spouse
• The earning potential of each spouse and their future financial circumstances
• The income of each spouse at the time of marriage and separation
• The property owned by each spouse at the time of marriage and separation
• Direct and indirect contributions towards a spouse's career
• Any wasteful dissipation of assets by either spouse
• The contributions of each spouse, including a spouse who is a homemaker and either made direct or indirect contributions towards the acquisition of assets
• Any transfer or encumbrance made in contemplation of a divorce action without fair consideration
• Whether spousal support has been awarded and in what amount
• The need of a custodial parent to occupy or own the marital residence

It is important to note that there are always exceptions to the rules, and in cases of equitable distribution and property division, nothing is set in stone. In order to give yourself the best chance of obtaining a fair result, you will need a Nassau divorce lawyer to take control of the situation and take action on your behalf.

For help with property division and equitable distribution in Nassau, contact Nassau Divorce Lawyer Jay D. Raxenberg today!