The most contentious issue in most divorce cases is the division of assets and liabilities. The court prefers if both parties can come to an amicable agreement to this distribution. If this is not possible, the court will step in. Whether it is an amicable or a court-imposedsolution, hiring a divorce attorney in Weston is critical to see that your interests are protected.
Equitable distribution of assets
The rule that governs the division of assets and liabilities is the equitable distribution of property. Unlike community property laws where assets and liabilities are equally divided between the divorcing parties, here the division is based on equitable distribution. It means that the assets and liabilities are to be divided among the two parties in a fair and equitable manner.
“Fair and equitable manner” means that there are no set rules for the distribution of assets. The court will decide the distribution according to several factors. This makes the distribution of property one of the most keenly fought issues, one where a good divorce attorney is invaluable.
There are two important factors to consider in this case:
- The distribution of property applies only to assets acquired after marriage. Assets owned prior to marriage are usually excluded, unless marital income was used to maintain or upkeep such assets or properties.
- This also includes the division of liabilities. Debts acquired during the marriage are also to be equally distributed.