When a marriage ends, the divorcing couple must divide the assets acquired during the union, collectively referred to as marital assets. There are several ways of going about it.
First, you can use an existing prenuptial or postnuptial agreement if it’s legally valid and enforceable. Second, you can voluntarily agree with your spouse to divide the marital assets. The last option lies with the courts, where a judge will divide the assets equitably.
Factors considered in equitable distribution
Equitable distribution aims to achieve fairness rather than equality. As such, the court will consider various factors when dividing the marital assets. They include:
- The duration of the marriage
- The health and age of each spouse
- The future financial circumstances of each spouse
- The income and property of each spouse
- The custodial responsibilities of the co-parents
The list above is not near exhaustive, as each situation is different. Additional factors contributing to a fair division of assets may come into play when determining equitable division.
How long does the property division process last?
The duration of the court-controlled property division process in a New York divorce case can vary depending on numerous factors. The complexity of the assets, the court’s caseload and the level of cooperation and contentment between the parties all play a role. You may be looking at a timeline of several months to over a year.
Navigating the property division process in a contested divorce can be complicated and emotionally charged. In addition, the outcome can have long-lasting implications for your future. Therefore, learning more about the legal intricacies involved and how things work to protect your interests is essential.
It will be much easier to effectively protect your interests with the necessary knowledge and appropriate guidance during this crucial process.