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 recently released an enlightening article exploring the complexities of ‘Equitable Distribution’ in New York State, a principle that governs the division of assets during divorce proceedings.

Luciano explains that “equitable distribution doesn’t necessarily mean equal, but rather what the court deems ‘fair'”. Consequently, this system of property division often results in a distribution of assets that can vary quite significantly from an equal split. As a renowned New York City divorce lawyer, Luciano brings his vast experience and understanding of the law, offering invaluable insights into what can be a difficult and contentious aspect of divorce.

The article further elaborates on the contrast between ‘Equitable Distribution’ and ‘Community Property’ systems, which are used in different states across the country. Luciano, a prominent New York City divorce lawyer, explains that while some states follow the community property principle, where assets acquired during marriage are owned equally and divided equally upon divorce, New York State follows an equitable distribution system.

“In New York, only those assets acquired during the marriage are considered marital property and are subject to equitable distribution,” says Luciano. “Assets owned by one spouse prior to the marriage will not be subject to equitable distribution.”

The article provides a comprehensive breakdown of the factors considered by courts in the equitable distribution process, including the length of the marriage, the separate incomes of the spouses, child custody and support arrangements, tax and debt obligations, and more.

Luciano emphasizes the importance of understanding how these factors can influence the division of marital property, which includes not only the primary home, but also vehicles, businesses, stocks, bonds, other investments, retirement accounts, jewelry, and artwork.

“Equitable distribution, under New York laws, will consider an extensive valuation of the couple’s marital property,” Luciano explains. “Lawyers and the courts will look at each of these, assessing when they were acquired and with what funds.”

Towards the end, the article explores the specific scenarios related to the division of a house in a divorce. Luciano discusses the complexities that can arise when marital and separate properties are commingled or mixed, a situation that can make the division process more complicated.

Addressing the readers in the final part of the article, Luciano encourages anyone navigating the complexities of a divorce to ensure they understand the nuanced laws around equitable distribution. With the right guidance, the process can be navigated more smoothly and with better outcomes.

“The outcome of your divorce proceeding can have long-term financial implications,” warns Luciano. “Investing in competent legal representation is often a wise decision.”

About Juan Luciano Divorce Lawyer:

Juan Luciano Divorce Lawyer is a leading law firm based in New York City. Founded by Juan Luciano, the firm is committed to providing individualized and compassionate legal representation for those navigating the complexities of divorce. With a team of dedicated attorneys, the firm focuses on advocating for their clients’ interests, ensuring a comprehensive understanding of each unique case, and working towards favorable outcomes in all matters related to family law.

 

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