Decisions to be made on Equitable Distribution
The term “equitable distribution” refers to the method that is used to divide obligations, property and assets between spouses as a part of divorce proceedings. An important concept to understand is that equitable distribution doesn’t necessarily mean that things are divided “equally”, only that they are divided fairly according to the law. The doctrine of equitable distribution is utilized to consider the future financial circumstances of each spouse following the termination of the marriage. Although equitable distribution is a somewhat flexible system, it can be difficult to predict the outcome of any case, as some of the factors that the court considers are quite subjective.
The process of equitable distribution in regards to property involves three major steps:
- The determination of which property can be established as part of the equitable distribution
- The valuation of the property to be considered
- The actual division of the property or assets