What are equitable distribution of property laws?

Equitable distribution of property laws in New York govern how property and assets acquired during the marriage should be divided during a divorce. These laws apply to both marital assets, such as the home, investments, and retirement accounts, as well as separate assets, such as inheritances and gifts. Equitable distribution does not always mean an equal split. The law requires that the division of property be “equitable” or fair, with consideration given to various factors, such as individual earnings, age, and the length of the marriage. When determining an equitable distribution, the courts review the contributing efforts of each spouse and consider the economic circumstances of each spouse. Non-monetary contributions to the marriage, such as homemaking services, are also evaluated. The court may also consider any agreements between the spouses regarding the distribution of property. In the event that no agreement can be reached, the court may conduct a hearing to determine the equitable distribution of property. Equitable distribution of property laws in New York are designed to ensure that each spouse receives a fair share of the marital assets. It is important to note that equitable distribution does not protect all assets, such as gifts or inheritances. In these cases, they are considered separate property and may not be considered in a divorce settlement. Additionally, equitable distribution of property does not guarantee alimony or child support.

Related FAQs

What is a constructive desertion?
What are the legal requirements for a divorce?
What are the steps in the divorce process?
How is legal custody determined?
Should I hire a lawyer for a divorce?
What is a divorce lawyer?
How do I properly serve divorce papers?
What are equitable distribution of property laws?
What are the benefits of a short-term marriage divorce?
What is a prenuptial agreement?

What are equitable distribution of property laws?

Related FAQs

Related Blog Posts