Equitable Distribution

New York Equitable Distribution Attorney

A fundamental aspect of any divorce is the equitable distribution of property. Assets acquired during a marriage are considered marital property and must be divided, when a marital union is broken into two legally independent individuals.

Contact McCormack & Phillips, Attorneys at Law, to schedule a consultation. We will discuss the principles and procedures that will apply in your particular circumstances regarding division of property such as the following:

• Income
• Savings
• Real estate
• Vehicles
• Property such as boats, horses, and household goods
• Stocks and bonds
• Life insurance policies
• Retirement accounts
• Businesses
• Licenses
• Enhanced earning ability

Certain assets acquired during the marriage may be considered separate property, including:

• Separate party inheritances
• Gifts from third parties
• Personal injury money
• Money obtained prior to the marriage, which was kept in separate accounts

Distributing Value that is in the Form of a License or Academic Degree

Intangibles may also need to be valued in preparation for negotiation of a fair and equitable distribution of assets. For example, licenses earned by one spouse or the other have value should be included in a divorce settlement. "Licenses" include medical degrees, other college degrees, and lawyers' licenses to name a few. The court determines the economic value of the enhanced earnings and grants a portion of the value in consideration of the contributions of the other spouse.

Business assets may be complex to put a value on -- particularly when a business does most or all of its transactions in cash. It is our job as diligent divorce attorneys to find hidden assets and bring them to the divorce settlement negotiation table. Investigation, discovery, and forensic accounting all play a part in bringing all marital property to light.

Contact an experienced lawyer at McCormack & Phillips, Attorneys at Law, to schedule a consultation.