Ensuring Your Assets And Debts Are Divided Fairly
When two people decide to go their separate ways, the assets and debts of the marriage must be divided. Located in Buffalo, New York, the attorneys at Venzon Law Firm PC understand the financial impact these decisions can have on each spouse’s financial security.
Working closely with our clients and outside financial experts, we develop property division plans that ensure our clients get a fair and equitable division of marital assets and debts.
New York Is An Equitable Distribution State
New York is an equitable distribution state: the goal is to equitably distribute all marital property. It is important to note that equitable distribution does not necessarily mean equal distribution.
Property Division: Asset And Debt Division
Division of assets and establishing spousal maintenance are covered under equitable distribution law. The statute is founded on the philosophy that a marriage, especially one of long-term duration, is an economic as well as a social partnership.
During a divorce, property must be classified as either “marital” or “separate” property. Marital property is all property acquired during the marriage (regardless of how title is held), except inheritance, certain gifts from third persons, compensation for personal injuries and property acquired after the start of a divorce action.
Factors In Distribution Of Marital Property
- The income and property of each party at the time of the marriage and at the time the divorce action commences
- The loss of inheritance and pension rights once the marriage has dissolved
- The age and health of the parties and the duration of the marriage
- The need of a custodial parent to occupy or own the marital residence and its household effects
- Any award of maintenance
- Tax consequences to each party
- Whether either spouse wastefully dissipated marital assets
- Loss of health insurance benefits
- The likely future financial circumstances of each party
- The character of marital property and whether it is liquid or not
- The difficulty in evaluating assets or business interests and the desirability of retaining said asset intact and free from the other party’s claim or interference
- Any equitable claim to, interest in, or direct or indirect contribution made to acquire marital property by the party who does not hold title, including joint efforts, homemaking services, wages, and to the career of the other party
- Any transfer or encumbrances made in contemplation of a matrimonial action without fair reimbursement to the other spouse
- Any fact that the court finds to be just and proper
Get The Property You Need To Live Happily Ever After
The lawyers at Venzon Law Firm PC are educated and experienced professionals who will focus on your financial goals and facilitate an equitable distribution of all assets such as real estate, motor vehicles and other property. We assist in creating a debt division plan that is fair and achievable after your matter is concluded.