EQUITABLE DISTRIBUTION

This typically means assets, including but not limited to bank accounts, residential homes, businesses, investment properties/homes, retirement accounts and pensions, are all subject to being split equally. Along with assets equitably distributed, the liabilities incurred during the marriage must be evenly split between the parties. These may include credit  card debt, mortgages and automobile loans.

Often times, such as with homes and automobiles, the assets are encumbered by the liabilities and are held in both the parties' names. When this occurs, provisions have to be made to ensure that when the parties split, the financial aspects of the relationship are also separated; this means that a home and/or automobile loans will have to be refinanced.

Additionally, provisions have to be made when there is equity in a certain asset, often found in the home. The equity in the home, by statute, must be equitably distributed, even if the party being awarded the home does not have the liquid assets to cover the value of the equity.

Having an attorney on your side who understands how to handle asset and liability distribution can not only make the legal experience easier, but also protect your rights to the property you have acquired during the marriage. Schedule a free, no obligation consultation with our office to determine your rights.

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