What is Equitable Distribution?
When it comes to divorce court, there are many new things that you’ll need to learn. With the help of your family law attorney Ontario and the information that we’re going to discuss today, you should be well prepared for your day in court. In today’s short article, we’re going to discuss the term ‘equitable distribution’ so that you understand what it entails.
Equitable Distribution
Any good divorce attorney Ontario will define equitable distribution as how a court fairly divides up the property that is owned by you and your spouse. Many people mistake this term for meaning equal distribution. That’s not what it entails. Rather, its purpose is to consider the needs of both you and your spouse as well as the facts of the overall case to distribute the property in an equitable manner.
In most cases, your divorce lawyer and property division will be one in the same. They will be negotiating with the other asset and property division lawyer to come to a fair agreement. When a fair agreement cannot be reached by both parties, a judge will utilize their own discretion to distribute the property. This type of equitable distribution is practiced in states that honor the Common Law property.
Community Property States
There are nine states that don’t honor the common Law property. Rather, these states honor what is known as Community Property. Your property division lawyer Ontario will be able to share with you what type of law is honored in your present state. Knowing this makes a key difference in how assets are distributed among both parties.
In states that honor the Community Property Law, marital property is divided equally. Marital property is defined by any good family law attorney Ontario as the property that is acquired during the marriage. This division of property doesn’t take into account whether one of the spouses was largely to blame for the divorce proceedings, who contributed more financially to the marriage, or who currently has more property. Your divorce attorney Ontario will explain to you that Toronto is one of these Community Property Law states.
The Rule Of Post Nuptial Agreements
Your asset and property division lawyer will take into account any postnuptial agreements that are in place. These are considered separate property under the law and are, therefore, not included in the equal division of property. Your divorce lawyer and property division lawyer will need to see a written contract to enforce any postnuptial agreements.
Factors Considered During Equitable Distribution
In states that honor the Common Law, there are various factors that are utilized to determine what property goes to which spouse. Your property division lawyer Ontario can reveal which factors are most likely to influence your personal case. Some of the most common factors utilized include:
- Which Spouse Has Primary Custody Of Minor Children
- Financial Needs And Liabilities Of Both Parties
- Age And Health Of Each Spouse
