Brooklyn Equitable Distribution Attorney
There are few divorce issues so hotly contested as those surrounding the equitable distribution of a couple’s assets and debts. Ensuring you receive your fair share of property along with a reasonable portion of marital debt is imperative to your future.
If you would like to discuss marital property in detail with an experienced equitable distribution attorney, call the Law Office of Vivien I. Stark, P.C. and schedule a case consultation. Our Brooklyn equitable distribution lawyers have decades of experience in all family law matters, as well as the resources to handle even the most complex property division cases.
The Law Office of Vivien I. Stark, P.C. is a full-service law firm whose attorneys are:
- Comprehensive and competent;
- Driven and successful; and
- Prompt and responsive.
Contact us now for an honest, forthright opinion as to your case standing.
How a Brooklyn Equitable Distribution Attorney Can Help
A Brooklyn equitable distribution attorney is invaluable in your divorce case. The courts divide assets and debts of the marriage in a way thought just or reasonable. Although this is often an approximately equal division, one party may have more assets or debts than the other.
This is where your equitable distribution attorney from the Law Office of Vivien I. Stark, P.C. is crucial. The court relies on evidence your attorney presents to arrive at its decisions. Your equitable distribution attorney will deliver the best possible documentary evidence valuing marital assets and debts along with testimony to aid the court in its rulings.
To do this, our attorneys will:
- Gather and present evidence;
- Correctly identify all marital assets;
- Evaluate and value marital assets;
- Propose a division of marital assets; and
- Employ needed experts for assistance valuing complex property interests.
The valuation process can be lengthy. Contact our office today to get started with your case.
What Is Equitable Distribution?
It is a common misconception that asset division is fifty/fifty in New York. New York is an equitable distribution state, not an equal distribution state. Equitable distribution is the fair division of assets acquired during the marriage.
What Are Marital and Non-Marital Assets?
Assets obtained during the marriage are called marital assets. Debts incurred during the marriage are marital debts. Both are distributable upon divorce.
Marital assets may include cars, houses, and household goods. Debts of the marriage are often credit card debts and business debts.
Non-marital assets, or separate property, are assets that a spouse acquired before the marriage. So long as that property remains independent from any marital assets and remains in that spouse’s name, that property remains separate property and is non-divisible upon divorce.
Some property is non-marital, separate property even when a spouse receives it during the marriage such as:
- Third-party gifts to one spouse;
- An inheritance that remains separate from marital accounts; and
- Separate property by contract, such as a premarital agreement.
Factors Considered in Equitable Distribution
The court considers several factors when equitably distributing marital property and debts amongst the spouses. These include, but are not limited to, the following:
- Each spouse’s income and property at the time of marriage and divorce;
- The duration of the marriage;
- Each spouse’s age and health;
- Which parent any children live with;
- The pension, health insurance, and inheritance rights either spouse will lose as a result of the divorce;
- Whether there is a spousal support award;
- Whether each spouse’s claim to the marital property is equitable;
- The liquidity of marital assets;
- The probable future finances of each spouse;
- The difficulty of dividing a spouse’s business;
- Any tax consequences of fair distribution;
- Whether there was a wasteful dissipation of marital assets by either spouse;
- Whether either spouse transferred or encumbered marital property in anticipation of a divorce; and
- Any other factor the court deems just and proper.
In friendly divorces, the spouses should attempt their equitable distribution agreement with the help of their attorneys. This generally results in better results and can be more creative than the court choosing asset and debt division on their behalf.
Contact a Brooklyn Equitable Distribution Attorney
Our attorneys at the Law Office of Vivien I. Stark, P.C. will gladly negotiate towards a settlement with your spouse’s attorney, attend mediation with you to settle your asset division, or, if necessary, take your case before a judge. Settlement is not suitable for everyone.
Contact the Law Office of Vivien I. Stark, P.C. today to set up a consultation to discuss solutions to equitable distribution dilemmas and factors the court uses in deciding fairness in asset division.