Law Office of Richard Roman Shum, Esq Clarifies NY's Equitable Distribution Law vs. Community Property in Divorce Cases
USA News December 11, 2024
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Law Office of Richard Roman Shum, Esq Clarifies NY's Equitable Distribution Law vs. Community Property in Divorce CasesNew York, NY – December 11, 2024 (USANews.com) – The Law Office of Richard Roman Shum, Esq, is emphasizing the important distinction between equitable distribution and community property laws in response to common misconceptions about divorce proceedings in New York State. Is NY a community property state?
Contrary to community property states, where assets and debts acquired during marriage are typically split 50/50, New York operates under an equitable distribution framework. This means that marital assets are divided fairly based on various factors, rather than equally.
In equitable distribution, courts consider the financial and non-financial contributions of both spouses, the duration of the marriage, the age and health of both parties, the income and property of each spouse, and the need for maintenance or support. This nuanced approach allows for a more tailored outcome that reflects the complexities of each individual marriage.
"The distinction between community property and equitable distribution is crucial in divorce cases," said Richard Shum, Esq. "In New York, our focus is on fairness and equity rather than an automatic 50/50 split, which can lead to a more just resolution tailored to the unique circumstances of each couple."For more information about equitable distribution in New York, or to seek guidance for your divorce proceedings, please contact the Law Office of Richard Roman Shum, Esq at (646) 259-3416.
About Law Office of Richard Roman Shum, Esq
The Law Office of Richard Roman Shum, Esq provides professional and compassionate legal services in family law, including divorce, child custody, and asset distribution. With a commitment to achieving the best outcomes for clients, Mr. Shum leverages his expertise in New York State law to navigate the complexities of family matters with care and precision.
Contact:
Law Office of Richard Roman Shum, Esq
20 Clinton St, Apt 5d
New York, NY 10002
Phone:(646) 259-3416Email:[email protected]Website:https://www.romanshum.com/
