Asset Division: Equitable Distribution
When a married couple reaches the conclusion that it needs to separate, they will have to decide how to split up all of the assets, belongings, and debts they have acquired during the course of the marriage. They may be able to do so amicably, but most divorcing couples end up taking the matter to court.
The majority of states use an equitable distribution model. This means that the value of all the marriage’s assets are summed and each member receives an equitable amount of those assets. Keep in mind that equitable does necessarily mean a perfect half and half split. Instead, the court determines what is equitable through a number of factors such as:
- Length of the marriage
- Debts and assets each individual had entering wedlock
- Earning capacity and potential
- Childcare obligations
Because of variances in these factors, it is possible for one of the spouses to get next to none of the marriage’s assets when it is dissolved. It’s best to consult with a divorce attorney during this process to increase the likelihood you receive a deal that is fair to you in the divorce’s conclusion.