Equitable distribution refers to the allocation of marital property and separate property as a result of a divorce or separation.  New York is an equitable distribution state, which means that marital property is not split equally (50/50).  Rather, equitable distribution law demands consideration of a variety of personal and financial factors before marital property is distributed amongst spouses. 

Equitable Distribution Factors
When spouses decide to divorce or separate, they must divide their marital assets.  Marital assets are, generally, all property that is acquired throughout the duration of the marriage.  If spouses cannot agree upon the terms of their property distribution, they must rely upon a divorce court to allocate the property for them.  According to equitable distribution law, the court must consider the following factors before dispensing marital property:

• the length of the marriage and the age and health of each party
• the earning power of each spouse
• the separate property of each spouse
• the contributions of each spouse including as a home maker, to the marital partnership and acquisition of assets
• direct or indirect contributions of one spouse to the career of the other
• any transfer or encumbrance made in contemplation of a divorce action without fair consideration
• any wasteful dissipation of assets by either spouse
• the need of a custodial parent to occupy or own the marital residence
• whether (and in what amount) spousal support has been awarded
• the probable future financial circumstances of each party

Each of these factors will greatly impact how the marital property will be distributed between the two spouses.

Separate Property
Separate property is not subject to equitable distribution laws.  This means that any separate property a spouse has will remain in his/her possession.  Separate property includes all possessions acquired before the marriage commenced, property inherited or given as a gift by a third party, and any compensation for personal injuries. However, improvements to separate property may be marital. Also, mixing marital and separate property may render all the property marital.

Long Island Family and Business Law Firm
Wisselman, Harounian & Associates, P.C. is a reputable family and business law firm servicing the New York Metropolitan area.  We represent men, women, families, and businesses.  Our team is comprised of experienced, knowledgeable, and compassionate attorneys who strive to protect the best interests of our clients and their families.  As an accomplished family and business law firm, we have handled a variety of cases involving divorce, child custody, and child support.  Our firm also provides legal counsel for clients with real estate and estate planning endeavors. 

When our attorneys undertake a case, we put forth every effort into ensuring the comfort and security of our client.  It is our primary aim to protect and guide our clients through these emotionally turbulent times.  At Wisselman, Harounian & Associates, P.C., we are committed to providing our clients with high quality legal representation at a reasonable cost.

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Wisselman, Harounian & Associates, P.C. is proud to provide legal representation for clients in the New York Metropolitan area, including:  Long Island, Nassau County, Suffolk County, New York City, Queens, Manhattan, Brooklyn, Long Island, Bronx, Staten Island, Westchester, and Rockland Counties.