When it comes to dividing property during a divorce, every state has different laws regarding how it is to be done. Some states abide by community property laws, while others stick to equitable distribution laws. In New York, when figuring out asset division, property is subject to equitable division laws. This is meant to help each spouse walk away with a fair settlement.
When people think of equitable distribution, they may think that things will be split evenly down the middle and everyone will walk away with half of their marital assets. This is not how it works, however. Equitable distribution simply means that both parties are to be granted assets of equal value. So, for example, if one party is granted the marital home, the other party may be given monetary or other assets of the same value.
There are several things that must first be considered before distributing assets. These might include the income levels of each spouse, the ages of both parties, domestic requirements and future monetary needs -- among various others. This information, along with a specific list of all shared and personal property will help determine a fair and balance settlement for all involved.
The asset division phase of a divorce can be challenging to manage. Everyone just wants to walk away from a marriage with his or her fair share. It is possible to achieve this, with or without litigation. A New York divorce attorney can assist divorcing couples as they come to terms that are in their best interests and that meet the state's equitable distribution standards.
Source: businessinsider.com, "In 9 US states, a divorce means you'll lose half of everything you own -- here's why", Tanza Loudenback, Nov. 10, 2016