Equitable Distribution Attorneys in Melbourne, FL
Melbourne Lawyer is Here to Help You with Equitable Distribution Disputes
Divorce proceedings can be stressful on both your finances and your emotions. It can also be highly confusing because state rules frequently specify who gets what assets, debts, and even real estate in a divorce. At this point is where equitable distribution (a system by which many states divide property during a divorce) comes in.
What is Equitable Distribution?
Equitable distribution is the division of assets amassed during a marriage between divorcing spouses by following a legal framework. It also goes by the terms “division of property” and “equitable division.” While splitting these assets and debts, it takes into account many things, which include the length of the marriage, the requirements of the parties, and the financial contributions made by each party during the marriage. Therefore, “equitable distribution” (despite what it may imply) does not necessarily mean an even split of all marital assets.
Additionally, equitable distribution takes into account the spending and saving patterns as well as the potential earning capacity and employment of the couples. This way, it seeks to divide assets equitably—though not necessarily equally.
Factors to consider before Equitable Distribution
There are a few things to consider if you’re going through a divorce in a state that doesn’t use the equitable distribution method or one that isn’t a community property state.
- The process seeks to maintain a fair but not necessarily equal split of marital property or assets accumulated during the marriage and belonging to both spouses. Simply put, a 50/50 split will probably not happen.
- Equitable distribution considers various criteria for divorcing couples based on the belief that couples are naturally unequal. For example, one spouse might be better educated or have a better job than the other, which would probably lead to them receiving fewer assets in the division as they would likely be able to make more money after the divorce.
- They might also be entitled to less if one spouse engaged in abusive behavior or infidelity, contributing significantly to the divorce. The spouses’ financial obligations, spending and saving patterns, and even their ages are also factors to consider.
- The state or distinct properties: This essentially refers to property that only belongs to one spouse, either because it was purchased before the marriage or inherited before or during the marriage. Concerning how assets are divided, prenuptial agreements take precedence over rules governing community property and equitable distribution.
Contact our Law Firm For Legal Service Regarding Equitable Distribution
Please call (321) 985-0025 or contact us online to schedule an appointment at our Melbourne office. We look forward to meeting with you soon.
over 39 years of law experience
Schedule Your Free Consultation Today