When it comes to dividing property in a divorce, it is often one of the hardest aspects to contend with. Although neither party wants to appear petty in their wishes, the assets that you have worked hard to build up over the years are important for beginning your new life.
That is why equitable distribution is beneficial to the process of property division. Rather than focusing on an equal split, property is divided based on what is equitable for that situation. For the most part, property is divided equally, unless there is reason for this unequal split.
Some of the factors that will be considered when dividing the property are:
- Contribution to the marriage by each spouse
- Economic circumstances of the parties
- Length of the marriage
- Interruption of careers or education opportunities
- Desirability of keeping the marital home as the residence
When it comes to dividing your retirement accounts, equitable distribution is also a better option. No person is left behind, but these assets are divided on an equitable basis.
Property Acquired During a Marriage vs. Property Acquired After a Marriage
Property that was obtained by either party prior to the marriage will belong to them once the divorce occurs, in most cases. The marital property, that which was acquired after the marriage began, is divided in a fair but not necessarily equal manner.
If you are unaware of how the state’s property division laws can benefit you, contact a divorce attorney from our firm. We can help you understand the process and guide you through.