Understanding Equitable Distribution in a Divorce in New York
Divorce can be a challenging and emotional process , especially when it comes to dividing assets and property. In New York, the method used to distribute marital property during a divorce is known as equitable distribution. But what exactly does this term mean, and how does it impact divorcing couples in the Empire State? What is Equitable Distribution? Equitable distribution is the legal principle that governs how marital property is divided in a divorce. Unlike community property states, where assets are typically split 50/50, New York’s approach aims to distribute property in a way that is fair, though not necessarily equal. This means that one spouse might receive a larger share of certain assets, depending on various factors considered by the court. Marital vs. Separate Property Before delving into how assets are divided, it’s important to understand the distinction between marital and separate property. Marital Property This includes assets acquired by eithe...