A common question surrounds the issue of equitable distribution. What is equitable distribution? Typically, equitable distribution addresses the assets and liabilities that exist in a marriage. If you speak to an attorney and once you become a part of this process, you’ll learn that we talk about what are the assets and debts that accumulated between the date of the marriage to the date the Complaint for Divorce was filed. Those two dates are critical in this analysis. Theoretically, anything that’s acquired between those two dates is in the pot for equitable distribution. We predominantly start off with a 50/50 split on both assets and in liabilities. Certainly when you talk about businesses, we have to talk about hiring people to evaluate the value of the business, but that’s the general principle surrounding assets and liabilities, homes included. Homes are assets subject to equitable distribution. Those are typically equally split. They are usually sold or one person buys the other person out. Those are the common issues in equitable distribution. It’s the assets and the liabilities. Liabilities would be business debt, credit card debt, etc. Credit card debt that’s accumulated during the marriage is subject to equitable distribution. You may not be happy with the debt that your spouse incurred, but if it was for a generalized marital purpose, you unfortunately or fortunately will share in that debt.
Paris P. Eliades Law Firm, LLC is an effective, established divorce and family matters law practice serving Sussex, Morris, and Bergen County residents. If you need our legal services, contact our Sparta law office today.