Buffalo, New York
Equitable distribution involves the dividing of marital assets as a result of the termination of a marriage.
Some of the factors that are evaluated when determining equitable distribution are:
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 percent of the marital assets, but this is a rebuttable presumption.
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.
Separate or non-marital property is the property that 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.
No matter the family or marital matter you face, the respectful, knowledgeable and experienced attorneys at Tully Rinckey handle your legal representation with sensitivity and care. We protect your rights and fight to help you realize the legal outcomes you desire. Let us represent you today.
To schedule an initial consultation with a member from our experienced team, contact us 24 hours a day, 7 days a week, at 8885294543 or info@tullylegal.com
Ready to book your consultation? Click here to pay our consultation fee and book your meeting with an attorney today!
Featured Attorneys
When you choose Tully Rinckey PLLC, you aren’t just assigned an attorney. Your legal matter will be cared for by our entire legal team and support staff. With offices throughout the United States, we make sure you receive legal counsel and representation you can trust.
Our team-oriented philosophy encourages open and ongoing communication with every attorney, paralegal, and other support staff working with each client ensures we understand their goals. Our commitment to you means meeting your objectives, working attentively and persistently toward your success, and efficiently adjusting to your changing needs.
At Tully Rinckey PLLC, our commitment to quality never ends. We listen to your legal concerns, counsel you on your legal issues and represent you in legal proceedings. Our already knowledgeable attorneys are continually learning more, developing their resources and honing their skills. We make ourselves accessible to you at every turn, committing to be your long-term legal partner.
Tully Rinckey is a full-service law firm. We handle legal issues relating to appellate law, litigation, bankruptcy, international and U.S.-based business law, family and matrimonial law, military and federal employment law, intellectual property law, and much more. We also offer a variety of services, including estate planning, security clearance representation, and congressional investigations. Regardless of your legal needs, we have the experienced counsel you need.
