When a couple goes through a divorce, they are faced with the reality that they will have to split up everything they own. This process is known as equitable distribution. A lot of people are under the misconception that equitable distribution means that everything is divided equally between the two parties. This is simply not the case. All of the marital property is divided fairly, but not necessarily equally. One person may walk away with 75 percent of the assets and the other person may only get the remaining 25 percent. This may come as a disappointment to some but each party’s attorney does what they can to make their client happy. Marital property is anything that the couple has acquired throughout the course of their marriage.
During the equitable distribution process, many factors are considered. One of those factors is the length of the marriage. Of course, a longer marriage is going to mean the division of assets is more complicated. A couple who was married for twenty years is obviously going to have more marital property than a marriage that only lasted a couple of years. Some of the questions that need to be addressed are who is going to get the house? What about the car? There’s the furniture, the china you never use, the old couch in the basement, whatever it may be.
Another factor that may be considered is the income generated by each of the spouses. If one person in the marriage never worked outside of the home and was supported by their spouse’s income, they may be given some of the property because they would be unable to obtain it on their own while the other spouse can just go out and replace whatever it may be. It all depends on your specific situation. Your divorce attorney can help walk you through the process and give you a better idea of what you can expect.
The Salvo Law Firm, P.C. is a legal resource for the people of New York and New Jersey. If you need quality services from an experienced and effective divorce attorney, contact our office for a consultation.