How Will Separate and Marital Property be Divided?
Albany, New York, Family Law Attorneys
In property division, "equitable" does not mean "equal." There are numerous factors at play in determining the division of marital property. The ultimate goal of equitable property division is to divide property acquired during the marriage fairly — not necessarily evenly.
For a free consultation, call 866-377-0285 or contact us online.
Equitable Distribution
The court considers numerous factors to determine the equitable division of assets and debt:
- Health and age of each spouse
- Property and income of each party at all times during the marriage
- Length / duration of the marriage
- Loss of inheritance, pension, disability or retirement rights upon divorce
- Potential rights to maintenance, alimony or support
- Other property distribution made (through spousal maintenance, or other assets held as separate property)
Although the court will make final decisions regarding property division in divorce, it is important to have a family law attorney advocating on your behalf. At Colwell, Colwell & Petroccione, LLP, we evaluate your situation and present your case to the court to seek a fair division of property.
Separate vs. Marital Property
Equitable property division in divorce requires classification of separate vs. marital property. Simply stated, anything an individual spouse owns prior to the date of marriage that has not been commingled remains separate property. Anything acquired or contracted during the marriage is presumed marital property and therefore is subject to division between the spouses. This can include retirement funds, 401ks, cars, the family house, and other marital assets.
Let's Get Started With a Free Consultation
We can further explain property division in divorce including the exceptions and characterizations of these assets when you come to our office for a free consultation. Please call 866-377-0285, or contact a lawyer online. Let us advise you about the benefits, principles and problems you may face when characterizing these assets. We can help you improve your negotiating leverage by underestimating these marital property issues.
