Equitable Distribution, Not Equal Distribution
In every divorce, the spouses need to go through a process of dividing their marital assets that have been accumulated during the course of their marriage. Equitable distribution is how marital assets are divided in the State of New Jersey.
Contrary to the belief of many people who are filing for divorce, equitable distribution is actually not an automatic 50/50 like in community property states across the country. Some of the items of ownership are divided on a 50/50 basis, but it depends on many, many factors that the court looks at, that the negotiations look at in order to determine how an asset is to be divided equitably. There are some situations where one of the spouses will walk away with a much higher percentage of the assets than the other spouse.
Some of the factors that need to be taken into consideration during the process of equitable distribution are determined by a complete list of what the assets actually are. Each party needs to list what they own under their own name and any funds, pensions or other income they might have. They also need to determine when these assets were acquired. Any business that are owned by the parties involved need to be taken into consideration and its funds, revenues and expenses must be investigated by a forensic accountant.
The equitable distribution process can be a complicated one and is a large portion of determining how long it will take to finalize your divorce. Many times, longer marriages tend to have more marital assets than marriages that only lasted for a few years because the couple had more opportunities to acquire monies or property.
If you or your spouse is planning to file for divorce, it is important to understand what equitable distribution means because it makes up the bulk of the divorce finalization process.
The Law Office of Toby Grabelle, LLC is a family and divorce law firm serving Monmouth County and all of New Jersey that would be happy to assist you in legal counsel. If you need quality legal services, contact the firm for a consultation.