What is Equitable Distribution?
Equitable distribution is defined as distributing all of the assets that you and your spouse have acquired legally during your marriage.
Accordingly, there are three steps in equitable distribution. The first step is to identify all those assets. The second step is to set values for these assets. The third step is to distribute them. It’s the third step that is often the problem for those going through a divorce.
The Sixteen Factors Considered by the Court
- The duration of the marriage;
- The age and physical and emotional health of the parties;
- The income or property brought to the marriage by each party;
- The standard of living established during the marriage;
- Any written agreement before or during the marriage concerning property distribution;
- The economic circumstances of each party at the time the division of property becomes effective;
- The income and earning capacity of each party;
- The contribution by each party to the education, training, or earning power of the other;
- The contribution of each party to the amount or value of the marital property;
- The tax consequences of the proposed distribution to each party;
- The present value of the property;
- The need of a parent who has physical custody of a child to own or occupy the marital residence;
- The debts and liabilities of the parties;
- The need for creation, now or in the future, of a trust fund to secure medical or educational costs for a spouse or children;
- The extent to which a party deferred achieving their career goals; and
- Any other factors which the court may deem relevant.
In conclusion, the equitable distribution process can be difficult to navigate, don’t go it alone. The attorneys at the Williams Law Group take the time to, find any assets that may have been hidden, value those assets accurately, and then discuss with you how to distribute them. In New Jersey, not every asset has to be distributed, but every asset is to be distributed equitably.
Do you have questions regarding equitable distribution? If so, contact the divorce attorneys of Williams Law Group, LLC.