Marital property division: Understanding equitable distribution

In most divorce cases, dividing marital property, including assets and debts, is one of the most difficult parts of the proceeding. The simplest recourse for the divorcing couple is to come up with an agreement on how they want to divide the properties they have accumulated. If they are unable to do so, however, the court that has jurisdiction over the case will determine how the distribution would proceed. 

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In 11 states in the U.S., a community property scheme is implemented wherein the spouses’ possessions are determined if they are communal or separately owned. After which, the community properties are equally divided between the spouses, and each spouse gets to keep their separate properties. 

In the remaining 39 states, the equitable distribution system is enforced. The assets and earnings the couple has accumulated during the time they were married are apportioned equitably or fairly to each spouse. There are also instances when the judge mandates one of the spouses to use his separate property as part of the distribution to make the settlement fair for the couple. 

Various factors affect the court’s decision in dividing the properties equitably. An important consideration in the decision making is the duration of the marriage. Other factors that come into play are the spouses’ age, health condition, earning power, future financial needs, and the value of their contribution to the marriage, among others. 

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For more than 25 years, Colorado-based law firm Marrison Family Law has provided legal services to those going through the difficult process of divorce. The firm helps clients know their rights, options, and the best possible course of action to receive what is best for them and their family. Visit the firm’s official website for more information on its legal services.