What does equitable division of property mean?
Table of Contents
What does equitable division of property mean?
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.
How is wealth split in divorce?
When you get divorced, community property is generally divided equally between the spouses, while each spouse gets to keep his or her separate property. Equitable distribution: In all other states, assets and earnings accumulated during marriages are divided equitably (fairly) but not necessarily equally.
How does property settlement work in divorce?
A property settlement is an arrangement made between parties to divide assets, liabilities and financial resources when a couple separate. A property settlement can be made with or without the court’s assistance.
How is a house split in a divorce?
Even if you plan to work out how to divide your property without going to court, it is important that you seek legal advice….If you can agree on how to divide your property, you can:make an informal agreement.make a financial agreement. (link is external)get a consent order from the court.
How are household items split in a divorce?
DIVIDING HOUSEHOLD ITEMS IN A DIVORCEMake a list, have an appraisal done (agree in advance to accept the appraisers values), then pick what each of you want to take. You may need to determine who gets the first pick and then agree to alternate turns. Decide to value and appraise only larger valued items in your home. Divide all items by agreement.
