Equitable Distribution refers to the division of marital assets in a divorce. Domestic Relations Law Section 236 B is the statute which governs the distribution of marital property. Not all assets owned by married couples are subject to equitable distribution. The classification of assets as marital property versus separate property and any appreciation to each category of property can dramatically effect a spouse’s right to seek the division of assets, or, determine the appropriate share of the asset for the spouse seeking distribution.
“Equitable” does not mean “equal”. Numerous factors determine how assets are divided, including the length of marriage, contribution, monetary and non-monetary, to the accumulation of assets, or, the appreciation in value of the assets.
We can help you determine your rights as to the division of stocks, trusts, pensions, businesses, inheritances, personal injury settlements, automobiles, jewelry and personal property.
Some of the factors the court will consider include:
- The income and property of each party of at the time of marriage and divorce
- The length of the marriage
- The non-financial contributions of each spouse
- The age and health of each party and their earning capacity
- Loss of inheritance and pension rights due to the end of that marriage
- Tax implications
- Any wasteful dissipation of assets or transfer of assets in contemplation of divorce
- The need of the marital home and household effects for the custodial parent’s care of the children
- The liquid and non-liquid nature of the property involved
- Any award of spousal support
- The wishes of each party regarding particular assets
The division of marital property requires an extensive knowledge of the law of separate property and appreciation of marital assets. Mr. Pickney has obtained favorable results on behalf of clients seeking to shield and protect assets and property from the claims of a spouse. He has obtained financial settlements on behalf of his clients from the appreciation of the separate property of their spouse.