One of the most important aspects of a divorce is splitting up assets, which is also known as ‘equitable distribution’. There are many, many issues that arise within asset distribution. The most common tangible assets are the marital home and other real estate, cars and other personal property, bank, retirement and other investment accounts.
But then there are the intangible assets. These can be one spouse’s interest in the other’s business or educational degree. What? You mean a college degree is an asset? You betcha! For example, a Master’s Degree might be deemed an asset potentially subject to distribution in the divorce.
After the assets are identified, then things can get very complicated. New York is an ‘equitable distribution’ state. This means the Court is to distribute assets ‘equitably’. ‘Equitable’ means fair. Well, what does ‘fair’ mean. One person’s ‘fair’ is another person’s ‘that’s no fair’. The Court has guidelines, but no formulas to follow. Let our Asset Distribution Lawyers help you distribute the assets in your divorce fairly.