New York courts use a concept known as “equitable distribution” when it comes to dividing assets at the end of a marriage.
But there are some things to know before you start divvying up property.
If you came into the marriage with assets like real estate or other goods, those are considered “separate property,” and not subject to distribution.
This also goes for personal inheritances and earnings from legal awards. Those are separate assets that belong to you solely, and you don’t have to divide them for the settlement.
In general, things that you purchased while married, even if you purchased them as an individual using your own money, are considered marital assets that must be equitably divided.
For instance, if you purchased a vacation home with your own money during the marriage, even if your name alone is on the title, it is a marital asset.
You may choose to sell the vacation house and split the proceeds, or you can be creative and become co-landlords of your vacation rental with your former spouse.
There are plenty of ways to ensure equitable distribution of marital assets, particularly if your divorce is relatively amicable.
The attorneys at Friedman & Ranzenhofer can help you protect your assets and your bottom line.
Call us today at 585-484-7432 for a legal consultation with an experienced Buffalo divorce attorney.