Equitable Distribution: A Comprehensive Guide to Fair Property Division
Definition & Meaning
Equitable distribution is a legal term used in family law to describe how marital property is divided during a divorce. Unlike equal distribution, which splits property down the middle, equitable distribution aims for a fair allocation based on various factors. This division considers the contributions of both partners, the duration of the marriage, and other relevant circumstances. Ultimately, the court decides how to assign property, regardless of who holds the title.
Legal Use & context
Equitable distribution is primarily used in family law, particularly during divorce proceedings. It applies to the division of assets and debts acquired during the marriage. Courts utilize equitable distribution to ensure a fair outcome, which may involve various forms and procedures. Users can manage some aspects of this process themselves with the right legal templates, such as those offered by US Legal Forms, which are created by experienced attorneys.
Real-world examples
Here are a couple of examples of abatement:
Example 1: In a hypothetical situation, a couple marries and accumulates a home, savings, and a business during their ten-year marriage. Upon divorce, the court may decide that the wife contributed more to the household and business, leading to a larger share of the assets for her.
Example 2: Another couple, married for five years, has minimal assets and debts. The court may determine that each spouse should receive an equal share of their limited property, reflecting a fair assignment based on their contributions.