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In New York, if the parties to a divorce cannot agree on how to share marital assets and debts, the court will do it for them in accordance with the law of Equitable Distribution. "Equitable" does not mean "equal", however, and a court will look at a range of factors to arrive at what it considers to be a fair and reasonable division, considering the circumstances of the case and of the respective parties. In general, property, such as the family home, bank accounts, and retirement benefits, are subject to division. Sometimes, a marital asset may not be subject to division, in which case, the court may allow one spouse to keep the asset and make a distributive award in the form of a single lump sum payment or periodic payments over time to the other spouse. Equitable distribution also requires that all debts incurred during the marriage be divided fairly between the parties.
Sharing marital assets and debts is one of the most difficult and contentious aspect of a divorce. Whether you are contemplating a separation agreement, in which you and your spouse will agree on how to divide marital property and debts, or a divorce action in which the court may have to apply the law of equitable distribution to the marital assets and debts, a knowledgeable family law attorney will explain your rights to you and ensure that you obtain a fair share of the marital assets.
Call our office, toll-free, at 1 (866) 99 TRUST and make an appointment for a free, no-obligation initial consultation .
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