Property Division/Equitable Distribution
For those couples thinking about a divorce, there are some important things to know about how the state of New York distributes marital assets as well as marital debts. While many states are “equal” distribution states, New York State law provides for the ”equitable distribution” of marital assets (and debts) upon a divorce, giving the court latitude to make something other than an equal distribution if the result would be unfair or inequitable to a spouse.
While the distribution of marital property and debt may seem cut and dry, it is actually quite complex in New York State, which, among other things, recognizes such things as advanced degrees and licenses obtained during a marriage as marital property subject to equitable distribution as well as direct and indirect contributions by one spouse to the appreciation in value of the other spouse’s separate property. Experience matters when dealing with equitable distribution of marital property to ensure that you receive your fair share of assets upon a divorce.
For a free consultation with an attorney experienced in complex matters of equitable distribution, please contact Michael A. Cohen at 516-280-6806.