Spouses considering divorce need to understand how property division will affect their various assets. New York is an Equitable Distribution state. Equitable Distribution is the division of marital assets and liabilities. This means that marital property will be divided “equitably,” which is not always the same as “equally.”
Property division and equitable distribution can be complex, especially in high net worth cases and those involving a great deal of varied property. It is not always immediately clear what assets are considered marital property, and therefore subject to division, and what assets are considered separate, and therefore not subject to division.
Contact us today at (631) 927-7770 or via email at info@grfamlaw.com to schedule a consultation.