Tuesday, July 18, 2017
As an accomplished New Jersey Divorce Lawyer, I am often asked by clients about equitable distribution. Equitable distribution is like an umbrella over separating and dividing everything you have; it’s supposed to be equitable not 50/50. A great example would be when you are getting divorced and the house you’re living in is a house that your mom and dad or family owned prior. Your family gave $50,000 because they had the wherewithal. To give $50,000 to you and your spouse to build the roof out, and put a deck on; make all these capital improvements.
What happens now is you go and you get divorced. The house was never put into your name or you were never put on the mortgage or deed. But there’s an increase in value to that house, with the capital improvements. You may be the spouse, who doesn’t own it, but the other spouse owns it because the family put the money in it. It was there house from beforehand, and you’re going to equitably divide that property, and get some money out of that house notwithstanding the fact that it’s not yours.
Equitable distribution means the distribution, or the separation, of assets in a marriage. It’s an umbrella term that covers everything that’s going to get split whether it’s a little item, or a pen, or something else, something big like a house, a 401K etc.
Are you going through a divorce and are unsure what equitable distribution is? Contact our experienced New Jersey Divorce Lawyer for advice.