New York City divorce lawyer Juan Luciano (https://divorcelawfirmnyc.com/what-is-equitable-distribution-in-new-york-and-how-will-it-affect-you-when-you-divorce/) has published an insightful article titled "What is Equitable Distribution in New York and How Will it Affect You When You Divorce?" This article aims to demystify the concept of equitable distribution and its impact on divorcing couples in New York.
New York City divorce lawyer Juan Luciano explains that divorce can be fraught with challenges, particularly when it comes to dividing marital assets and debts. Contrary to what some might think, New York is not a community property state. Instead, it follows the principle of equitable distribution. According to Luciano, equitable distribution does not equate to an equal split but rather what the court considers fair, taking into account various factors such as the length of the marriage and the financial status of each spouse.
New York City divorce lawyer Juan Luciano emphasizes that understanding equitable distribution is crucial for anyone going through a divorce in New York. He notes, "The nuances of equitable distribution can be overwhelming, especially when dealing with the emotional toll of a divorce. A knowledgeable divorce attorney can provide essential guidance tailored to your specific circumstances, helping ensure your interests are represented both in court and during negotiations."
In his article, Luciano contrasts equitable distribution with community property, which is the system used by some other states where assets and debts acquired during the marriage are split equally. In New York, only assets acquired during the marriage are considered marital property and are subject to division. Separate property, which includes assets owned before the marriage, remains with the original owner. Luciano explains, "Your Manhattan divorce attorney can help you understand which of your assets are considered separate property or marital property."
The article discusses the factors considered in equitable distribution under New York law. Luciano outlines that the court and divorce lawyers will evaluate numerous aspects, including the duration of the marriage, each spouse's income and future earning potential, child custody arrangements, tax obligations, and any extraordinary financial issues. The comprehensive valuation of marital property includes homes, vehicles, businesses, investments, retirement accounts, jewelry, and artwork.
Luciano elaborates on the complexities of determining whether a house is marital or separate property. He explains, "You will first need to decide if the home is marital or separate property before you can divide it. This means that your house is marital property if it was purchased by you and your spouse after marriage. The court will then divide the house in an equitable manner." However, if the property was acquired before the marriage and the other spouse's name was not added to the title, it remains separate property.
The article also addresses the concept of commingled property, where separate and marital assets are mixed, making the division process more intricate. Luciano advises, "If your family home is a commingled asset, it can complicate the process. It's best to consult with a divorce attorney in such situations."
Divorce can be a daunting process, but understanding the principles of equitable distribution can help ease the burden. Juan Luciano's article serves as a valuable resource for individuals navigating the complex matter of property division during a divorce in New York.
About Juan Luciano Divorce Lawyer:
Juan Luciano Divorce Lawyer is a trusted law firm in New York City, dedicated to providing comprehensive legal support for clients facing divorce and family law issues. Led by Juan Luciano, the firm can offer personalized legal services to help clients navigate the complex aspects of divorce, including equitable distribution, child custody, and support arrangements. The firm is committed to advocating for clients' interests and achieving fair and favorable outcomes in family law matters.
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