As of 2019, U.S. News and World Report noted the divorce rate in New York was 6.10%. For any couple ending their marriage, state law outlines various requirements.
One important legal aspect involved in the process is the principle of equitable distribution. It ensures a fair and just allocation of assets between spouses.
Equitable distribution does not necessarily mean an equal 50-50 split of marital assets. It emphasizes fairness, taking into account various factors that contribute to the marriage and its dissolution. This approach recognizes that each marriage is unique, and the division of property should reflect the individual circumstances of the couple.
The concept of equitable distribution will only come up if the court must make decisions about allocating assets. Couples can engage in open discussions about their individual needs and priorities to reach an amicable resolution outside of the courtroom.
When it comes to property division, the court considers factors such as the duration of the marriage, the financial contributions made by each spouse and the overall economic situation of both parties. Contributions include non-monetary contributions to the marriage, such as homemaking and childcare responsibilities. The goal is to achieve a distribution that acknowledges the role of each spouse during the marriage.
Understanding equitable distribution is important for all parties in a divorce. It can greatly impact the outcome of the final decree. Being familiar with this principle can empower couples to navigate the challenging aspect of property division with clarity and fairness in mind.