Equitable Distribution in Divorce
Staten Island Divorce Lawyer A. Sheralynn Dow
Equitable distribution of marital property and debts is a critical issue
in any divorce, especially in those involving complex financial holdings,
businesses, or assets. If you are involved in a divorce, you will need
to resolve the matter of equitable distribution or division of marital
property before your divorce can be finalized. If you are located in Staten
Island, Brooklyn, or in the counties of Monmouth or Middlesex, New Jersey,
you can find competent legal representation with
Staten Island family law attorney Adelola Sheralynn Dow.
What Is "Equitable Distribution"?
Equitable distribution refers to the division of marital property and debts
upon the dissolution of marriage. Under New York and New Jersey laws,
marital property is divided on the basis of a fair distribution between
the spouses. Marital property consists of all property acquired by either
or both spouses during the marriage and before any separation or divorce
agreement, regardless of how the property is held. Real estate, bank accounts,
stocks and bonds, IRAs, vehicles, boats, household furniture, and all
other property acquired with marital funds are considered marital property.
As of September 1, 2009, new rules apply in any divorce action. These rules
prevent either party from selling or transferring any real or personal
property, withdrawing or transferring any tax deferred funds, incurring
unreasonable debts, removing one another from any medical or dental insurance
policies, or changing the beneficiaries of any life insurance policy once
a divorce matter has been filed.
Staten Island Divorce Lawyer for Division of Marital Property
In any equitable distribution matter, the court will consider a number
of factors before determining what a fair division of the marital property
is. Staten Island equitable distribution lawyer, Adelola Sheralynn Dow,
can review your financial situation and advise you on how your case should
be presented to the court.