Westchester County Marital Assets Distribution Lawyer
Distribution of marital assets is one of the most important aspects of any divorce. Fair division of assets can have an impact on your life for years to come. While some couples are quick to come to an agreement on how assets should be divided, many others find themselves stuck when it comes to such negotiations. A Westchester County distribution of assets lawyer can help you and your spouse find common ground by negotiating with the other party, going through mediation, or even settling the dispute in court through a trial hearing before a judge. Our Westchester County distribution of assets lawyers at The Law Office of Robert S. Sunshine, P.C. are here to help in whatever way you need.
The Equitable Distribution of Marital Assets
Like many states, New York follows the legal doctrine of equitable distribution of marital assets. All property and debt acquired during the duration of the marriage is subject to equitable (fair) distribution during divorce. The following characteristics of the marriage should be considered (and are considered by the court if the divorce goes to a trial hearing) when dividing marital assets fairly:
- Duration of marriage;
- The non-financial contributions to the marriage/household made by each spouse;
- The income and wealth of each spouse;
- The age and health of each spouse;
- Each spouse’s potential earning ability;
- Whether the couple has children together and which parent will live at the family home with the children (if either); and
- Whether or not spousal support is awarded.
Examples of Marital Assets
As stated earlier, any asset acquired during the course of a New York marriage is considered a marital asset. Examples of marital assets include:
- Bank accounts;
- Savings accounts;
- Retirement accounts and retirement plans;
- 401(k) accounts;
- The family home and other real estate;
- Stocks and bonds;
- Mutual funds;
- Vehicles, RVs, boats, ATVs, and other automobiles;
- Jewelry and artwork;
- Kitchen and home appliances;
- Personal items;
- Debt; and
Marital Debts are Divided Equitably as Well
Secured and unsecured debt is included in the equitable division of marital property. All debt acquired during (not before or after) the course of the marriage is considered marital debt. Examples of marital debt include:
- Medical debt;
- Student loan debt;
- Mortgage debt;
- Business debt;
- Auto loan debt; and
- Credit card debt.
As with other forms of marital assets, debt is divided equitably—fairly and with all relevant factors taken into account—and not necessarily evenly. For example, the division of debt would likely look very different if the spouses took on $100,000 in medical debt to pay for their child’s illness, versus if one spouse had a shopping addiction and accrued $100,000 in credit card debt.
A Westchester County Distribution of Marital Assets Attorney is Here to Help
If you have reached an impasse in your divorce and asset distribution conversations with the other party, we encourage you to call The Law Office of Robert S. Sunshine, P.C. at 845-735-1300. Our Westchester County asset distribution lawyers can help you obtain the outcome you are seeking. Call us today to schedule a free consultation.