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Divorce Equitable Distribution Buffalo NY
What is Equitable Distribution in a NY Divorce?
Equitable Distribution is the method that New York State Law uses to distribute marital property upon the dissolution of the marriage. Equitable Distribution basically means what is fair under the circumstances. Equitable Distribution does not mean "equal distribution" but sometimes to avoid conflict marital property is divided equally.
What does the Court look at to determine how to divide Marital Property Equitably?
1) Income of each party at time of marriage, and when the divorce action was brought.
2) Property of each party at time of marriage, and when the divorce action was brought.
3) Length of the marriage.
4) Age and Health of each of the parties.
5) The need for the custodial parent to occupy or own the marital residence.
6) The need for the custodial parent to use or own household goods and furnishings.
7) The loss of inheritance rights upon dissolution of the marriage.
8) The loss of pension rights upon dissolution of the marriage.
9) Whether maintenance will be awarded.
10) The equitable claims to the marital property by each party.
11) The direct or indirect contribution to the acquisition of the marital property by each party including the contribution as a spouse, parent, wage earner and/or homemaker.
12) The direct or indirect contribution of one party to the career or career potential of the other party.
13) Whether the marital property can be liquidated.
14) The probable future financial circumstances of each party.
15) The ability to evaluate the asset or interest in marital property.
16) The desirability of retaining the asset or interest, free from any claim or interference by the other party.
17) The tax consequences to each party.
18) The wasteful dissipation of marital assets by either spouse.
19) Any transfer of marital assets, or encumbrances put on marital assets, by either party prior to the commencement of the matrimonial action.
20) Any other factor which the Court finds to be just and proper.
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