Equitable division
LexInter | July 18, 2022 | 0 Comments

Equitable Division in Divorce: Who Gets What?

Did you know that Americans have the sixth-highest rate of divorce in the world, with 50% of first marriages ending in divorce? Not only can divorce be emotionally difficult for you and any children you might have with each other, but they are also a financial black hole.

That’s why it’s so important to learn how the equitable division of property in a divorce works. Read on to learn more about this.

What Is an Equitable Division?

Equitable Division in Divorce

When a divorce occurs, a division of property needs to happen. The term itself is a bit misleading because it doesn’t mean that the division of assets will be equitable or equal for each individual involved. But it will be distributed equally based on several factors (more on this below).

Division of Assets in a Divorce

Types of cases that are handled by divorce lawyers

Every couple is hopeful that they will not have to deal with the ravages of divorce, and even if they do, they hope that they will do it amicably. But unfortunately, that’s not how it pans out in real life.

If the couple is having a hard time figuring out how they are going to divide up their various assets, then the court will have to step in. There are two kinds of properties that the courts will look at here.

Separate property – this is any property that gets inherited during the marriage or acquired before the marriage. This property isn’t considered during equitable division, as it belongs to the person who inherited or acquired it.

Marital property – any property that got acquired during the marriage or belongs to both individuals in a marriage is labeled as marital property and this is the property that will be divided between the two based on various factors.

Factors Used to Decide Division of Assets

Should you be hiring a divorce lawyer

When the court is working through the list of marital property, there are certain criteria it uses to decide how to divide it up. These are:

  • Health status
  • Cause of the divorce
  • Financial needs
  • Education and employability of each party in the divorce
  • Spending habits
  • Earning potential

The courts use these factors to divide up the marital property in a way that is deemed fair to both parties. That’s why it’s so important to have a good divorce attorney (like Horizon Accident Attorneys) on your side so that you don’t get the short side of the stick when it comes to equitable division. Your divorce attorney can come up with evidence and witnesses that can prove to the courts that you deserve a bigger piece of the pie.

Division of Assets in a Divorce Isn’t Simple

Getting a divorce can be a stressful thing, but learning more about the process and the various legalese involved is so helpful. It can make you feel less of a fish out of water when going through court proceedings.

Did you find the article on equitable division useful? Please keep browsing through our website for more interesting reads.

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