White Plains Equitable Distribution Lawyer
Distribution of assets in divorce and separation in New York is called “equitable distribution.” The goal of the law in New York is to distribute all assets fairly and equitably. It should be understood however by all prospective divorce clients that equitable distribution does not always translate into “equal” distribution.
Lawrence B. LaRaus, Esq. represents clients in the New York area in a range of divorce-related matters. Although the financial and legal details of asset division can be complex, he has the experience and knowledge to protect your interests through the process.
New York Statutory Factors for Determining Equitable Distribution of Assets
According to New York domestic relations law § 236, when determining equitable distribution, the court considers factors that include:
- The income and property of each party at the time of marriage, and at the time of the commencement of the action;
- The duration of the marriage and the age and health of both parties;
- The need of a custodial parent to occupy or own the marital residence and to use or own its household effects;
- The loss of inheritance and pension rights upon dissolution of the marriage as of the date of dissolution;
- The loss of health insurance benefits upon dissolution of the marriage;
- Any award of maintenance;
- Any equitable claim to, interest in, or direct or indirect contribution made to the acquisition of such marital property by the party not having title, including joint efforts or expenditures and contributions and services as a spouse, parent, wage earner and homemaker, and to the career or career potential of the other party;
- The liquid or non-liquid character of all marital property;
- The probable future financial circumstances of each party;
- The impossibility or difficulty of evaluating any component asset or any interest in a business, corporation or profession, and the economic desirability of retaining such asset or interest intact and free from any claim or interference by the other party;
- The tax consequences to each party;
- The wasteful dissipation of assets by either spouse;
- Any transfer or encumbrance made in contemplation of a matrimonial action without fair consideration;
- Any other factor which the court shall expressly find to be just and proper.
Lawrence B. LaRaus, Esq. if appropriate, focuses on providing asset division and other divorce-related solutions for clients outside of the traditional litigation process. Alternative dispute resolution (ADR) can, in some cases, save you time, money and stress, and can sometimes help you achieve a more personally tailored asset division agreement.
Lawrence B. LaRaus, Esq. has a wealth of experience handling equitable distribution in complex, high-asset divorces. He can represent you in the division of family-owned businesses, professional practices, real property, trusts and inheritances, investments, retirement assets and other valuable assets.
Contact Lawrence B. LaRaus, Esq.