Managing Marital Property

When getting a divorce, one of the first items of business that comes up is “who gets what” in terms of martial assets. As with most issues in the wonderful world of law, it all depends.

Typically speaking, when a couple goes through a divorce, the assets, known as marital property, get divided as evenly as possible. The issue then becomes what assets are considered “marital.”

A marital asset is any piece of property, including, real, personal or monetary that was acquired and cultivated throughout the course of the marriage. Examples include the marital home, vehicles, bank accounts, and other personal property such as furniture, electronics, etc.

When entering a divorce, the parties may elect to divide up the marital assets any way they so choose. If one spouse elects to let the other have everything, including the kitchen sink, they may do so. If, however, one spouse wants the other to get nothing based on allegations that one spouse earned most, if not all the money in the relationship or if they simply feel that the other spouse does not deserve a fair share of the marital assets, this is where equitable distribution comes into play. Simply because one spouse was the primary bread winner and also put forth the lion’s share of effort in terms of making said assets prosper does not cut the other spouse out of his or her fair share of the martial property.

If a coupe cannot come to terms on how to adequately sort out the distribution of martial assets, the logical step would be meditation. If mediation does not lead to an agreeable solution, the parties then can file for divorce in New York Supreme Court. Here, the parties will contest their issues in front of a judge who will ultimately decide on who gets what through the trial process.