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The Law Offices of Alan L. Finkel.

Divorce And Family Law Attorney In Huntington, New York

Divorce can be an incredibly complicated legal and emotional process. At the time people enter into marriage, few understand that it is one of the most complex and important legal decisions they will make in their lifetime. If you or your spouse have come to the point of seeking a divorce, you may find yourself in a dense web of legal matters. The Law Offices of Alan L. Finkle in Huntington, NY are here to help.

How Are Assets Divided In A Divorce In Huntington, New York?

In any divorce, there will be a division of property and assets. This can be accomplished under mutual agreement settlements, through mediation settlements, or through court proceedings.

Even when spouses mutually agree upon their divorce, it is often necessary for them to seek the assistance of a Divorce & Family Law Lawyer in order to sort out the details of financial matters, child custody and child support, alimony, and other necessary arrangements.

The courts encourage spouses to work together in order to reach an agreement on the division of marital property that will best suit the needs of both individuals. However, when this is not possible, it falls to a judge to determine the manner in which marital property will be divided. In this case, the judge will consider all the unique factors of the family law matter under the laws of the state of New York.

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Is New York An Equitable Distribution State?

New York was formerly a “common law property” state. This meant that at the time of a divorce, assets were distributed based on the name of the person which appeared on a given title or deed. However, this changed in the 1970s when legislation was passed to consider marital property in a new way.

This shift was toward the method of considering property accumulated in a marriage as “community property”, and it means state law dictates that the assets divided in a divorce must be split equitably. This does not mean evenly or equally, but instead refers to the way in which the law strives for a fair outcome based on the consideration of many different factors.

What Do The Terms Equal Distribution Of Property, Community Property, And 50/50 Divorce Mean?

The terms “Equal Distribution of Property”, “Community Property”, “Equitable Distribution of Assets”, and “50/50 Divorce” all refer to the same concept.

However it is described, a state such as New York that considers marital property and debts as community property will abide by laws that dictate the equitable division of assets in family law matters at the time of divorce.

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What Is Equitable Distribution Of Property?

If you and your spouse have chosen to seek a divorce in Huntington, NY but have not been able to reach a settlement, or if you are involved in a contested divorce, you and your family law attorney must defer to the laws of the state that dictate the process for the division of assets.

In these situations, spouses and their attorneys will go before a judge in the New York courts to determine how the terms of distribution will be set.

Because of the way that the legal system in New York views marital property, a judge will not divide all assets evenly between the parties. Instead, he or she will take into consideration a large number of factors unique to the matter and attempt to execute an equitable outcome for both parties.

 

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What Assets Are Considered Marital Property?

In the state of New York, marital property is considered to be the debts, assets and property that are amassed by both or either of the spouses throughout the duration of a marriage, with certain exceptions.

According to New York state law, marital property in contest during divorce litigation must be identified and given a specific value by a spouse in the matter before a judge is able to determine how it should be considered and appointed when dividing assets.

The distribution of property and assets is one of the many aspects of filing for divorce that can become increasingly complicated when spouses are unable to agree to the terms of their divorce. If you are seeking a divorce in Huntington, NY it is important to know your rights and the laws of the state in regards to marital property. Contacting a family law firm in order for a consultation is a great first step to take in protecting yourself and your future.

What Assets Are Considered Separate Property?

When pursuing a divorce, your spouse is typically not entitled to any of your separate property. Separate property includes your pre-marital assets and debts, any gifts, inheritances, or funds received in a personal injury matter. If your spouse is trying to claim any of these assets, contact a family lawyer in your area as soon as possible.

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