Q: What does Equitable Distribution mean?
A: Equitable Distribution is the legal term to describe the valuation and division of both marital assets and marital debts accumulated during a marriage.
Q: What is marital property?
A: Marital property is generally defined as any property accumulated during the marriage for the benefit of the marriage. It does not matter that the property may be titled in only one spouse's name. It may still be considered marital property and be divided by the Court.
Q: What is marital debt?
A: Marital debt is generally defined as any debt incurred during the marriage for the benefit of the marriage. It does not matter that the debt may only be listed in one spouse's name. It may still be considered marital debt and be divided by the Court.
Q: What is separate property?
A: Separate property is generally defined as property that one spouse owned prior to the marriage, property that one spouse inherited individually or property that was a gift to one spouse individually by someone other than the other spouse.
Q: How is marital property divided?
A: The Court takes into account a variety of factors in determining how to divide a marital estate. The marital estate is generally divided on a 50/50 basis but can be divided in any proportion that the Court deems just and fair.
Q: Is a business subject to equitable distribution?
A: Yes. A business can be subject to equitable distribution laws under certain circumstances. If you own a business that was started during the marriage, you should speak with a lawyer to determine if it is subject to equitable distribution.