When you and your spouse make the decision to get a divorce, no matter what type of divorce you obtain, you will have to divide your assets. This process is known as equitable distribution. Equitable distribution requires a couple to lay out all of their physical and monetary assets, their debts, their bank accounts, their pensions, and anything else they might own in order to determine who gets what in the divorce. If the couple can come to this conclusion on their own, great. However, sometimes, the court will divide the assets for a couple who simply cannot agree on anything. Couples who are getting a collaborative divorce generally can divide their assets on their own.
One of the biggest misconceptions that people have are that equitable distribution means an equal division of assets. That is not the case because equitable does not mean equal. Some people find it beneficial to hire specialists that can help them with this process, such as a financial specialist. Finances are a big portion of equitable distribution because the accounts and marital funds need to be divided. Both parties need to present a statement of net worth to determine what their income and expenses are. If one spouse is a business owner, it may be difficult to prove their income so the services of a forensic accountant may be required.
If you are considering a divorce and have questions about what will happen to your assets, you may want to speak with an experienced divorce and family law attorney who can provide you with assistance.
Leslye M. Schlesinger is an experienced divorce attorney from New City, NY serving Rockland and Westchester County with compassion and integrity. She helps clients through alternative dispute resolution. If you need an attorney to guide you through the alternatives to litigation, contact Leslye M. Schlesinger for a consultation.