Family Law: Equitable Distribution
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When marriages come to an end, the intricate process of dividing assets becomes a pivotal stage that necessitates legal expertise. Equitable distribution is a legal principle aiming to divide marital property fairly, but not necessarily equally, among spouses upon divorce. This concept lies at the heart of family law, ensuring a just division that reflects each party’s contributions to the marriage.
This FAQ is designed to answer some of the most common questions about equitable distribution.
Q1. What is equitable distribution?
A1. Equitable distribution is the legal doctrine that governs how marital property is divided in a divorce. Under equitable distribution, the court will divide marital property fairly between the spouses, but not necessarily equally.
Q2. What is marital property?
A2. Marital property is all property acquired by either spouse during the marriage, regardless of which spouse’s name it is in. Marital property includes real estate, bank accounts, investment accounts, retirement accounts, vehicles, and other personal property.
Q3. What factors will the court consider when dividing marital property?
A3. The court will consider a number of factors when dividing marital property, including:
- The length of the marriage
- The income and assets of each spouse
- The contributions of each spouse to the marriage, both financial and non-financial
- The needs of each spouse and any dependent children
- Other factors that the court deems relevant
Q4. Can I get a 50/50 split of marital property?
A4. Yes, it is possible to get a 50/50 split of marital property, but it is not guaranteed. The court will consider all of the relevant factors to determine what is a fair division of the property.
Q5. What happens if I and my spouse can’t agree on how to divide our property?
A5. If you and your spouse cannot agree on how to divide your property, the court will divide it for you. This is known as litigation. Litigation can be a time-consuming and expensive process, so it is best to try to reach an agreement with your spouse if possible.
Q6. What can I do to protect my rights in an equitable distribution case?
A6. The best way to protect your rights in an equitable distribution case is to consult with an experienced family law attorney. A family law attorney in Cherry Creek CO can help you understand your rights, negotiate a fair settlement with your spouse, and represent you in court if necessary.
Thomas N. Scheffel & Associates, P.C. can help you with all aspects of equitable distribution, including:
- Identifying and valuing marital property
- Negotiating a fair settlement with your spouse
- Litigating equitable distribution issues in court
Q7. What is the difference between equitable distribution and community property?
A7. Equitable distribution and community property are two different systems for dividing marital property in a divorce. Under equitable distribution, the court has the discretion to divide marital property fairly between the spouses, but not necessarily equally. Under community property, all marital property is divided equally between the spouses.
Q8. What are some examples of non-financial contributions that the court may consider when dividing marital property?
A8. Examples of non-financial contributions that the court may consider when dividing marital property include:
- Raising children
- Managing the household
- Providing emotional support to the other spouse
- Working on the other spouse’s business or career
Q9. What if I have a prenuptial or postnuptial agreement?
A9. If you have a prenuptial or postnuptial agreement, the court will typically enforce the agreement, unless it is found to be invalid. Prenuptial and postnuptial agreements can be used to specify how property will be divided in a divorce.
Q10. How can I secure my interests?
A10. Thomas N. Scheffel & Associates, P.C., stands prepared to guide you through legal processes. Whether your concerns lie in estate planning, probate administration, or the multifaceted aspects of family law, our team of family law attorneys in Littleton, CO is ready to advocate for your interests and secure the most favorable outcome.
Embarking on a legal journey, especially one that involves personal relationships and valuable assets, is a task that demands professional rigor. If you’re navigating the often turbulent waters of equitable distribution, partner with a team that understands the nuances of your circumstances and the legal landscape.
Don’t leave your future to chance; ensure your assets and interests are protected. Connect with Thomas N. Scheffel & Associates, P.C. for a consultation.