- Family & Matrimonial Law
- Spousal Support
- Equitable Distribution
- Marital Agreements
- Barbara J. King, Esq
- Military Divorce
Equitable distribution involves the dividing of marital assets as a result of the termination of a marriage.
Equitable distribution looks at the financial situation that each spouse will be in after they separate and/or divorce. There is a belief that each party will receive 50% of the marital assets, but this is a rebuttable presumption.
Some of the factors that are evaluated when determining equitable distribution are:
- Age and Health
- Income and Earning Power
- Property of each spouse
- Duration of Marriage
- Probable future financial circumstance of each spouse
- Value each spouse contributed to family
- Responsibility for providing for children, tax, inheritance and pension consequences
- Liquidity of property and assets
- Wasteful dissipation of assets by either spouse or economic fault
- Spousal Support or Maintenance Payments
Marital property is property acquired by either spouse individually or the couple together during the time of marriage. There are three exceptions: inheritance received by one party, gifts given to one spouse by a third party, and compensation for personal injury received by one party.
Non Marital Property
Separate or non-marital property is the property the each individual spouse brings into the marriage. However, in order for property to remain separate it should be kept in only one spouse’s name and not commingled with other marital property. Once separate property has been mixed, it is presumed to be marital property.
Businesses, professional licenses and practices, and earning potential are also considered “property” and are subject to equitable distribution. There is an important distinction between separate and marital property because this affects how property is divided. Upon divorce, separate property remains the property of the person who owned it prior to the divorce. Marital property, on the other hand, is divided between the spouses. In addition to the assets acquired during marriage, marital debt is also evaluated and equitably distributed upon divorce.
If you have questions or need help with an equitable distribution legal matter, please call a lawyer at Tully Rinckey.
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“At an extremely traumatic time for me, Barb King treated me with compassion and comfort. She reassured me she would advocate for me, educated me on my rights, and yet never stirred up acrimony or delayed the proceedings. She was always …
“Barb was very knowledgeable and competent. I am very thankful for what your offices do for me. Thank you” - J.B. on Partner Barbara J. King
“I had a fantastic experience with Barb. She was practical, did not waste time (or fees), and gave blunt, accurate advice. Nobody has a good experience going through a divorce, but having Barb as an advisor makes for a much …
Tully Rinckey PLLC family and matrimonial attorney Barbara King, Esq., answered listener questions on WGNA’s “Ask the Lawyer.” Ms. King provides insight on a multitude of divorce questions including social security benefits, filing divorce papers when a spouse cannot be …
Tully Rinckey PLLC matrimonial and family attorney Barb King, Esq., answered listener questions on WGNA’s “Ask the Lawyer.” Ms. King provides insight on divorce and child support questions.
Tully Rinckey PLLC family and matrimonial attorney Barbara King, Esq., answered listener questions on WGNA’s “Ask the Lawyer.” Ms. King provides insight on property distribution and general divorce questions.
By Mathew B. Tully Question: I’m divorced and own a restaurant. My business is still reeling from a horrible winter and I’m having trouble meeting my child support obligations. At what point does a decline in business merit lower child …
School will be out soon and the children couldn’t be happier. Summer schedules, however, present many challenges for divorced or separated parents who now have children home 24/7 and need to rearrange custodial access schedules. With fewer stay-at-home parents these …
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New York State Bar Association: Matrimonial Trial Institute IV: A Mock Financial Trial – December 6, 2013
Presenter: Barbara J. King Date: Friday, December 6, 2013 Time: 8:30 AM – 4:10 PM MCLE Credits: 6.5 Skills for all attorneys Location: New York State Nurses Association 11 Cornell Road Latham, New York 12210 Tully Rinckey PLLC partner Barbara …
Presenter: Jennifer J. Corcoran, Esq. Date: December 17, 2013 Time: 6:00-7:00 p.m. Skills: 1 CLE Credit Hour Unable to join us in Albany? Join us online via webconference. *Please note that newly admitted attorneys (attorneys admitted two years or less) …
Presenter: Jennifer J. Corcoran, Esq. Date: December 17, 2013 Time: 7:00-8:00 p.m. Skills: 1 CLE Credit Hour Unable to join us in Albany? Join us online via webconference. *Please note that newly admitted attorneys (attorneys admitted two years or less) …