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Settlement Agreements
In New York the act of dividing marital property and marital debt is called Equitable Distribution. Marital property and marital debt are the assets and liabilities you and your spouse acquired while you were married to each other.
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Equitable Distribution Lawyer Staten Island
In New York State, the act of dividing marital property and marital debt is called Equitable Distribution. Marital property and marital debt is, in its simplest form and with some exceptions, the assets and liabilities you and your spouse acquired together while you were married to each other.
Equitable is not necessarily the same as equal. In most cases, the parties will negotiate and eventually agree on how to divide their assets and liabilities, and will enter into a Separation or Settlement Agreement with the help of their attorneys. If an Agreement cannot be reached, a trial will be held, and the court will decide what it believes is most equitable for the parties.
Some people are surprised by what can be considered marital assets. Homes and other real estate, cash, bank, and brokerage accounts are marital assets if earned during the marriage. So are pensions and retirement plans earned during the marriage, valuable collections, stock options, and in some cases, the appreciation of separate property. Even pets are considered marital property!
Some of these assets may require the services of an expert to place a value on the asset so that it can be properly divided. Where necessary, your attorney, in consultation with you, will engage the services of experts to assist you in the division and valuation of more complex assets.
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Francine Pickett Cohen
Partner
Francine Pickett Cohen, Esq. has been providing quality legal services exclusively in Family and Matrimonial Law since 1991. Ms. Cohen established her legal practice in Staten Island in 1998, strengthening her ties to the Staten Island community where she grew up.
Olga Zagika
Associate Attorney
Olga Zagika has been an associate with The Law Offices of Francine Pickett Cohen, LLC, since 2013, where she specializes in all areas of family law, including divorces, custody, child and spousal support, equitable distribution and adoptions.
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