What Does Equitable Distribution Mean for Your Property?
Posted on Jan 25, 2013 4:15pm PST
Each state is
equitable distribution, community property or falls somewhere in between. This is referring to
how property is distributed in the event that a couple chooses to dissolve
their marriage in
divorce or separation. Florida is an equitable distribution state, which means
that all property is divided equitably in the event of a divorce. It is
important here to note that equitable does not necessarily mean equal
or fair. In order to better understand equitable distribution, it may
be helpful to evaluate what it is not.
Florida is not a community property state. States like California, Washington
and New Mexico are. Division of property under a community property standard
means that when two people enter into a marriage union, their property
is considered joint. Almost all of the property acquired while two individuals
are married is considered community. Upon divorce, that property will
be divided equally, to an extent. This might mean dividing items based
on total value or property might be divided on an item-by-item basis.
This is not so in the case of equitable distribution. This principle states
that the property each person brings into the marriage that they possessed
before the union remains their separate property. The same is true for
individual gifts. Because of this, property division in the event of a
divorce could prove extremely unequal and unbalanced.
It might be relatively easy to think about equitable distribution in terms
of tangible assets, but what about intangible ones? Things like trust
funds, retirement funds and saving accounts will need to be divided in
the event of a divorce. Here is an example scenario of what couple happen
with a savings account. Say a woman had a savings account with $8,000
in it before she married her husband. Since that time, the couple jointly
added to this savings account. Upon divorce, what happens?
While this would differ from case to case, a court would likely decide
that the woman would keep the $8,000 and the money that was jointly put
into the account would be divided based upon a number of factors such
as each spouse's financial contribution to the marriage as a whole,
how long the couple has been married, and more.
If you have made the decision to enter into divorce, trust the experienced
divorce and family lawyers at Hutchinson Law. This firm has been assisting
individuals through the difficult process of divorce in order to secure
assets. The way your property is distributed will have a large impact on your
future, so don't risk placing your future in the hands of an under-qualified
Contact a Jacksonville divorce attorney from the firm today.