Archive for Fairness
Family Law Lawyer Colorado Springs: Equitable Distribution of Property
Equitable distribution is the distribution of property and debt obligations used by courts in most states when dividing marital property during divorce proceedings. Equitable distribution does not mean “equal” division – it means “fair” division. Instead of a strict fifty-fifty split in which each spouse receives exactly one-half of the property acquired during the marriage, the doctrine of equitable distribution is used to look at the future financial situation of each spouse after the termination of the marriage says Family Law Lawyer Colorado Springs. While equitable distribution is a flexible system, it is difficult to predict the actual outcome of distribution, because some of the factors that courts take into consideration when dividing property during equitable distribution are subjective.
Under the laws of equitable distribution, all real or personal property owned by either spouse separately or by both spouses jointly, may be distributed or divided in divorce, dissolution and legal separation says Family Law Lawyer Colorado Springs. The equitable division of property is not based on a specific formula, such as the fifty-fifty rule of community property, but is instead based on the premise of fairness.
Division of Assets
All property acquired before or during marriage by either or both spouses is subject to division. Any assets including income, dividends, rents, savings, real estate, bank, investment and brokerage accounts, boats, cars, art, and other property, real or personal, may be divided in dissolution, divorce or legal separation. The equitable or fair distribution of property can require the actual division of every asset acquired before or during marriage, or the division of all assets acquired during, but not before marriage, and the unequal distribution of any or all assets. Family Law Lawyer Colorado Springs says generally speaking, judges and commissioners focus only on the division of property acquired during marriage except in special circumstances.
It is important to remember that equitable distribution laws only apply in court. Before a judge determines the allocation of marital assets, the spouses have a chance to work this distribution out either on their own or through attorney negotiations. While equitable distribution laws should be kept in mind during negotiation, during negotiation the spouses are free to divide their property in the manner in which they see fit. If the spouses cannot agree on how to divide the property, a decision by a judge may result in a distribution which leaves both parties unhappy. In some cases, spouses may be able to divide a portion of their marital estate, and bring the remainder to the court to decide how to distribute the rest. In equitable distribution states it is difficult to predict the outcome of property division in divorce, dissolution or legal separation. All assets are subject to the court’s discretion however if you have separate property assets that you want the court to confirm as your own, gather all of the necessary evidence that proves you acquired the property before marriage and there are no special circumstances in your case that justify a judge or commissioner awarding any of the property to your husband. Alternatively Family Law Lawyer Colorado Springs reminds us that, consider negotiating your divorce settlement and the distribution of property so you can avoid the sometimes unpredictable and subjective decisions of family court judges and commissioners.