What is equitable distribution?
Equitable distribution is the manner by which parties, who cannot agree upon division of their marital estate, have their property divided. At the time of a hearing, a master/judge, after hearing evidence of marital assets and debts will enter an order dividing the marital estate between the parties. The court considers 17 different factors prior to entering an order of equitable distribution. You should discuss with your attorney, the factors the court considers, and how they relate to your particular circumstances prior to moving forward with either settlement or litigation.
Most states employ “equitable distribution” in dividing marital (community) property as a result of the dissolution of marriage (divorce). Instead of a strict fifty-fifty split (in which each spouse receives exactly one-half of the marital or separate property), equitable distribution looks at the financial situation that each spouse will be in after the termination of the marriage. While equitable distribution is more flexible, it is harder to predict the actual outcome, since the various factors are subjectively weighed.
It is a method for distributing property acquired by owned by either spouse upon the dissolution of the marriage, which replaces “common law” principles of property ownership. Prior to the adoption of “equitable distribution” in New York, New York was a ” common law property ” state. This meant that upon the dissolution of the marriage, the property owned by either spouse was distributed according to the manner in which title was held. New York is now an “Equitable Distribution State.
Most states employ “equitable distribution” in dividing marital property as a result of the divorce. Instead of a strict fifty-fifty split equitable distribution looks at the financial situation that each spouse will be in after the termination of the marriage. While equitable distribution is more flexible, it is harder to predict the actual outcome, since the various factors are weighed.
