Are you considering divorce and have questions about equitable distribution of assets? Watch this video by experienced Jamestown divorce lawyer Scott Humble to learn more about equitable distribution and ensure you receive your fair share of the marital assets.
I have to tell you, when I was in law school the term equitable distribution kind of evaded me. I think that it is somewhat confusing because unless you have some background – and it doesn’t make a lot of sense, but equitable means fair; distribution means how it’s going to be split up. I think the best way to go and look at equitable distribution is that it’s a partnership between husband and wife. It doesn’t matter who is making more money – the wife is making more money than the husband or vice versa – what really matters is what did they go an purchase together; that would be assets of the marriage. As far as retirements, again, that is going to be normally split 50/50. Equity in the house is split 50/50.
As a practical standpoint, do we want to go and get into actually selling houses, pulling the proceeds? Yeah, if we can’t get along, that’s what the judge is going to order and that’s what we can agree to. Most of the time what happens is when the party buys out the interest of the other party and keeps the house. As far as the mortgage, whoever keeps the house normally is supposed to refinance within a certain period of time. Work everything out. Keep in mind, though, there are separate property issues, such as personal injury or gifts that would not normally be split between the parties under equitable distribution.
Are you considering divorce and have questions about equitable distribution? Contact experienced Jamestown divorce lawyer Scott F. Humble for a free confidential consultation. Let his 30+ years of experience work for you.