The division of assets is a part of the divorce process that needs to be completed. When individuals enter into a divorce, they have multiple decisions that need to be made. This can take some time to complete. They may wish to complete this process in court or in a more private setting, such as mediation. With either situation, the division of assets will need to be handled to acknowledge what assets belong to which spouse after the divorce. Couples acquire and hold assets between one another due to their joint lives from their marriage. However, after the marriage is over, these possessions cannot be shared between the couple anymore. They need to have their assets officially separated between them. Equitable distribution is a concept that is used by judges in order to decide this factor in divorce.
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Is equitable distribution used for this?
Equitable distribution is a concept that judges use in court to decide on the division of assets for divorce cases. This concept explains how assets should be divided in a fair and just manner. Although it states this, it does not mean that the assets should be divided evenly. Being divided evenly and fairly are two different ideas for this process. Equitable distribution is used by judges when considering various factors that relate to the marriage and subsequent divorce. The judge will consider what each spouse owns individually and what is owned between them. This can narrow down what property will be considered for the division process. For this situation, a judge has to consider the duration of marriage, the standard of living for the couple, the value of their marital assets and much more. Not only do the factors relate to the couple, but factors can also be related to each individual spouse. The judge may take into account the earning capacity of each spouse and their income. This can affect the judge’s decision for the case. When a prenuptial agreement is in place, it can make the division of assets easier. Some assets may already be claimed in the prenup. In prenuptial agreements, spouses will claim certain assets and properties before they become married. This can be put in place in case a divorce is a possibility.
Ross and Calandrillo, LLC is a full-service divorce, family, and real estate law firm located in Mountainside, New Jersey. For strong legal representation in all of your divorce or family law matters, contact Ross and Calandrillo, LLC to schedule a consultation.