Division of Marital Property
If your divorce is contested, the division of marital property will be determined for you by the court. There are a variety of factors that they will examine and review to make their decision. Regardless, you should consult with an experienced Buffalo divorce attorney to make sure your assets are distributed fairly. Contact our office today.
Division of Marital Property | Factors the Court will Examine
Below are the factors the court looks at when distributing marital property:
- The duration of the marriage.
- The age, health, occupation, amount and sources of income, vocational skills, marketable skills, estate, liabilities and needs of each spouse.
- Whether either spouse has contributed to the property or family unit as a homemaker.
- How each spouse contributed to the acquisition, preservation, or increase or decrease in value of the marital or non-marital property.
- Whether either spouse has squandered marital assets.
- The value of the property assigned to each spouse.
- The financial circumstances of each spouse.
- Any obligation and rights arising from a prior marriage of either spouse.
- The tax consequences to each spouse.
- Whether there are children and what their custodial needs may be.
- The reasonable opportunity of each spouse for future acquisition of capital assets and income.
Division of Marital Property | Exempt Properties
Below are the types of properties that are exempt from the distribution process:
- Property you receive from a spouse after a judgment of legal separation.
- Anything received by gift, legacy or descent.
- Property owned by you or your spouse before the marriage.
- Any judgment or property awarded to a spouse from the other spouse.
- Property specifically excluded by a prenuptial or post nuptial agreement by you and your spouse.
- Personal Injury Awards and Workman Compensation/Disability Settlements may, in part, not be considered to be subject to equitable distribution
However, non-marital property can become subject to equitable distribution if it is co-mingled with marital property. Because of the many nuances involved in determining equitable distribution in New York, it is imperative you retain a skilled Divorce Attorney. Attorney Randy H. Gugino has over 30 years of experience and can help you navigate this complex facet of your case, and ensure your best interests are protected.