Equitable Distribution in Divorce
Divorce is never simple or free of stress.
Right now, you are likely going through an enormous amount of emotional pain that makes it hard to get out of bed in the morning. Yet, as challenging as each day seems, it’s crucial to stay focused as you go through this challenging time.
You might feel overwhelmed when facing questions such as “what is equitable marital property?” Fortunately, this article can help.
Here we look at calculating an equitable split of marital property when it comes to family law. Keep reading to discover insights that will help reduce stress during a divorce.
Defining Marital Property
Let’s start by taking a look at what qualifies as marital property. This is a family law term that refers to property acquired by one or both spouses during the marriage and before the execution of the divorce process. Keep in mind that it doesn’t matter which spouse holds the title.
It’s important to understand that the court system has developed a presumption that most property acquired during marriage before the execution of a separation agreement is marital property.
Defining Separate Property
Now let’s look at what property should be considered separate property during the divorce proceedings.
Separate property includes anything acquired by either individual before the marriage. This includes any property inherited by bequest, devise, or descent, property gifted to either spouse by another person, compensation for personal injuries, or anything described as separate property by written agreement of both parties.
Some states divide all property equally during the divorce process. Therefore, it is considered community property, regardless of which spouse contributed more to the marriage or which spouse is to blame for the divorce.
If you live in a community property state, you can expect all property to be divided 50/50. However, in some cases, the court might take a close look at the situation and decide what type of property division would be most fair to both parties.
Equitable distribution in NJ is designed to consider the needs of each spouse based on the facts of the case.
Are you concerned about how do you calculate equitable distribution? In these situations, deciding who gets what is largely determined on a case-by-case basis where the two sides can negotiate, but the outcome is left to the judge’s discretion.
Determining Equitable Property
A list of factors is used to determine equitable property.
First is the duration of the marriage. Next are each spouse’s financial needs and liabilities, both present and future. The court will also look at the financial well-being and earning potential of both parties, age, health, and any special needs, and each spouse’s separate property, to name a few.
Answering the Question “What Is Equitable Marital Property?”
Most women would prefer to avoid divorce if possible. But when there’s no other choice when searching for a happy life, this guide to “what is equitable marital property?” helps provide the knowledge you need to make tough decisions while you begin the healing process.
Don’t hesitate to get in touch with Dalena & Bosch today to learn how our law firm can guide you through one of the most challenging experiences you’ll ever face.