Family Law Attorney Brian Perskin explains equitable distribution and the division of assets after a divorce.
The law in New York is equitable distribution. Equitable distribution is division of marital property in a divorce case. Marital property is defined as any property acquired during the marriage. It can be as simple as any real estate, stocks, bonds, 401K plans. It could also be a license or a degree that was obtained during the marriage, so if your husband went to medical school, if your wife went to law school, if your wife went to nursing school or your husband got an MBA, we can value that property as long as it was acquired during the marriage and all property acquired during the marriage, once we have a value, can be equitably distributed.