When someone comes to see me as a dedicated Buffalo Divorce Lawyer, they want to know how to divide up their property. I tell them that their property will be divided based on the concept of equitable distribution. That means fair distribution between the husband and wife. It doesn’t always mean 50/50; rather, it means equitable, or what is fair. That division of property can be decided by the husband and wife agreeing to what they believe is fair or, if they can’t agree, the court will decide for them.
Equitable distribution applies to all of the couple’s property and debts. It includes the house, cars, bank accounts, pensions, retirement accounts – and debt. Both assets and debts must be equitably distributed. The court will apply a number of factors, such as the income of both parties and the financial circumstances of the parties during the marriage. There’s a whole list of factors that apply. The bottom line is that equitable distribution simply means fair distribution of the property of the husband and wife once they are divorced.
Are you entering the equitable distribution phase of your divorce? Contact experienced Buffalo Divorce Lawyer Michael Ranzenhofer for help.