Equitable Distribution Division of Assets

Equitable Distribution Division Of Assets & How It Works

There are two basic ways to classify property which is owned during a marriage and before a divorce which is important for an equitable distribution division of assets. It some states, spouses will have an equal and an immediate ownership interest in the community property which has been acquired while married. It is not always this way, however, each state has its own specific laws on how this money or property can and will be divided.
Most states, however, have a different approach to equitable distribution division of assets and will let each of the spouses buy and acquire property in their own name leaving the other spouse with no ownership rights in the property.
When it all comes down to it, the states in the second group (and some in the first group) divide the property via equitable distribution or, a “fair” division to both of the spouses.

Three Steps To Equitable Distribution Division of Assets

Determine which property is a part of the equitable distribution and the value of that property as well as the actual distribution of that property. There are a variety of factors that will be used to determine this information. Each state will have their own specifics on this determination. It is important to keep in mind that some states do not follow an equitable distribution division of assets law. Therefore, if you’re involved in a divorce, you need to consult an experienced divorce attorney.

Equitable Distribution Division of Assets: What Is Property

Many states, like Florida, with equitable distribution laws, will classify property as either marital property or as nonmarital property or separate property. Generally, the marital property is all that is included in an equitable distribution. In a few states though, the equitable distribution permit the distribution of property that is owned by either of the spouses. No matter who bought it, or when.
Typically marital property is any property that was bought or acquired during the marriage.  Non-marital also considered separate property, is that which was excluded from the equitable distribution and will include such things as: Any property that were purchased or acquired prior to the marriage or while the couple lived together while planning to marry, is going to be treated as marital property. Property that is inherited by one spouse or gifted to a spouse, while married, will be treated as marital property. Any property that the spouses agree to exclude from marital property, example: a prenuptial agreement and occasionally separate property, can be treated as marital property via commingling which is the term used when the non-marital property is mixed in with the marital property and it then becomes indistinguishable from the marital property. Example: When a spouse is given a sum of money and they deposit it into a jointly owned bank account of both spouses and the money is then used by both parties in the marriage. This adds to the equitable distribution division of assets process. It is important to share with your attorney the history of the property in question so that we can make a determination of the rights to the property, whether it is considered mingled or unmingled, marital or non-marital.

Any property that was purchased or acquired prior to the marriage or while the couple lived together while planning to marry, is going to be treated as marital property. Property that is inherited by one spouse or gifted to a spouse, while married, will be treated as marital property. Any property that the spouses agree to exclude from marital property, example: a prenuptial agreement and occasionally separate property, can be treated as marital property via commingling which is the term used when the non-marital property is mixed in with the marital property and it then becomes indistinguishable from the marital property. Example: When a spouse is given a sum of money and they deposit it into a jointly owned bank account of both spouses and the money is then used by both parties in the marriage. This adds to the equitable distribution division of assets process. It is important to share with your attorney the history of the property in question so that we can make a determination of the rights to the property, whether it is considered mingled or unmingled, marital or non-marital.

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