What is Equitable Distribution? Equitable distribution is a pretty basic thing in many cases but can be defined in many other terms. The most common of terms is division of property during divorce proceedings. While there are many factors that will make the divorce proceedings fair and just, the factors really depend on what your state laws abide by.
Equitable distribution is defined as “Judicial Division of property rights and obligations between spouses during divorce�. This can also happen in the cases of death if the property was obtained during the course of a marriage. It completed through a judicial decree or an agreement through a property settlement. However this is not the same as Equal Distribution or Community Property. While Community Property is a 50/50 split of marital assets, Equitable Distribution is a more common and takes into account the financial situation of each spouse. While being more of a flexible option, it is harder to determine the outcome after the divorce proceedings have taken place. Most states follow the Equitable Distribution laws, typically meaning the property acquired during the marriage, belongs to the spouse who earned it. However, in the cases of divorce the property is divided between the spouses in a fair manner. Many factors go into dividing property when not having any community property laws. Some of these factors include: length of the marriage, any written agreement made prior to the marriage (i.e., prenuptial or premarital agreement), age of each spouse, physical and/or emotional health of each spouse, income and property brought into the marriage, the appraisal of property being divided and the standard of living established in the marriage, to name a few. There are other factors that go into the distribution that are typically based on the economy, the debts incurred during the marriage, the contribution each spouse had in helping the other and each contribution to the acquisition of the property. Having children also affect this. Children most typically grow up their whole lives in said property and changing their home life could be detrimental. Also, if the
children are of school age, there comes an issue of wanting to keep the children in there already established school system. Some other issues that may affect the distribution could have been the main cause of the divorce. If the divorce is due to marital misconduct, this goes into the decision-making process. This was set in The Uniform Marriage and Divorce Act or UMDA in 1973. This act made it fair for both spouses in divorce proceedings. While discussing divorce isn’t always the greatest of things to discuss; knowing the information you need to know before going in, is always helpful. While equitable distribution is specifically defined, there is no set rule for setting who gets what in a divorce. Not all states have the equitable distribution law and abide by the community property laws, which is a 50/50 split of all marital assets. Numerous factors go into making an equally fair distribution of property, many set by UMDA. Although these factors affect the judicial agreement, personal matters and anything the court deems relevant can into play.