What is an equitable divorce settlement?
What is an equitable divorce settlement?
Equitable distribution is a legal theory whereby marital property is distributed equitably in a divorce proceeding. Property assets are classified as either separate property or marital property. Most US states follow the equitable distribution theory.
Are IRAS considered marital property?
Retirement accounts are marital property, which means they are subject to equitable distribution. Depending upon the length of the marriage, the funds deposited in the retirement account(s) before the marriage are reserved to the individual who brought them into the marriage rather than being divisible.
What happens to business after divorce?
Usually a modest value would be applied to such a business interest as a “value to the owner”. The books and records of the business will need to be disclosed to the other spouse. The court will take the business into account as a future financial resource of the spouse retaining the use of that business.
Who gets business in divorce?
What happens if you separate? If you’ve been married or have lived together for three years or more, then the business becomes part of your relationship property. This includes assets, as well as debt. If you separate, you’re both entitled to an equal share.
