Equitable Distribution

The process of the distribution of property, assets and debts between a married couple who intends to end there marriage. This process is used by courts in most states when dividing the marital property and assets during the initial divorce proceedings.

Equitable Distribution Law

As a Westchester divorce lawyer, whenever a couple is divorcing they undergo a process called equitable distribution. It can be difficult to determine how marital property should be divided. The lines of ownership are often times blurred.

During the process both marital assets and marital debts are assessed to achieve an equal or fair distribution of property. Equitable distribution doesn’t always mean that assets such as property and debts will be equally divided.

At "Irving Law" we work to make sure your interests are protected during this process allowing you to rest easy knowing that you’re in good hands with our law office.

Before the division of property you should consider which property should be labeled as marital which you would consider as non-marital or separate. Non-marital often includes gifts that were given by someone other than a spouse, property or items purchased before the marriage, premarital written arrangements that outline separate property assets and debts.

Equitable distribution covers the wide scope of the marriage from the time it started to the time you decide your ready to end the marriage. There can however be exceptions to what is divided under the equitable distribution law such as inheritance and prenuptial exclusions. For these reasons there comes issues in the valuation of assets, which is why it’s important that you have the proper Westchester divorce lawyer to guide you through the legalities of the justice system.

Without the proper representation or the correct Westchester divorce lawyer to take on your case you can be faced with substantial issues that include, leaving everything to the discretion of the court to divide marital assets and marital debts as it sees fair.

The problem with this is that there can be many complex underlying issues to how debts and assets were attained that may not be fair to the other party of this divorce.

You wouldn’t want extra debt that wasn’t acquired for the marriage and of course you’d want your fair share of marital assets acquired during the marriage.

At "Irving Law" we understand that equitable distribution doesn’t mean that property and debts will be equally divided but the goal is to achieve an equal or fair distribution of property.

Here’s an example of a complex situation dealing with Equitable Distribution as a divorce lawyer in Westchester, PA where there’s been disputes around situations like gambling as a topic of discussion.

In one dispute gambling was said to be for the family to increase household income, but ended in increasing the family debt and was dealt only to one party of the marriage despite even agreeing to the gambling. With this same topic but in a different discussion gambling has shown a significant increase in household income and that increase in assets were divided equally. Obviously topics like this and more end in many different ways without the proper representation.

To determine the outcome for equitable distribution in governing Westchester courts they may sometimes look at things like:

How each spouse contributed financially to marital assets
The duration of the marriage
Previous marriages
Age of both parties
Health of both parties
The debts and liabilities of each spouse
Income of both parties
Tax implications
Whether marital assets were purposely destroyed either after, or two years prior to, the divorce of the petition
Amount of non-marital assets
Prenuptial Agreements
Who will have custody of children when applicable
Did either party help the advancement of the others income, career or education Standard living during marriage
Employability of both parties

No matter what the reasons might be whether it’s by fault or marital misconduct it is not taken into consideration during equitable distribution.

Complex situations like this that deal in equitable distribution happen all the time and are a few of the very reasons why obtaining the proper representation is critical to gaining what you believe is deserved.

Fault or marital misconduct is not taken into consideration during equitable distribution.

Most people don’t know that unless a valid written agreement states otherwise, things like money, property, retirement accounts or profit-sharing, which were acquired during the course of the marriage, are considered marital property.

Because equitable distribution laws are only applicable in court as a Westchester divorce lawyer "Irving law" helps spouses negotiate how they will divide assets. If an agreement is reached on how to divide property, couples can avoid unsatisfactory results in court. If an agreement cannot be reached a judge will intervene to determine how to distribute property, assets and debts.

Common marital debts can also include credit card bills, mortgages, car loans, home equity loans, tax obligations and judgments. Even if a credit card was only in one spouse’s name, if the credit card was used during the marriage, both parties are responsible.

Dividing assets and debts fairly can often times be complex that’s why as a Westchester divorce lawyer we aim to help you decide on the best way to handle your marital assets so that your divorce can go as smoothly as possible.