WORLD Law Direct Forums  





Go Back   WORLD Law Direct Forums > Create Wiki Article > Law Wiki
REGISTER FAQ SEARCH Today's Posts Mark Forums Read
Personal Lawyer Legal Forms Calendar

Law Wiki A collaborative article system where the collective wisdom of WORLDLawDirect members can be shared.

Property distribution

Consult Your Own Personal Lawyer Now!
 
AddThis Feed Button AddThis Social Bookmark Button
 
Article Tools Search this Article Rate Article Display Modes
  #1  

Default Property distribution

 

Contents

[top]Equitable Distribution



Quote:
A fair and just meting out of property, etc., between interested parties. For example, a constitutional provision requiring an "equitable distribution" of income of a school fund requires distribution thereof to the several districts in proportion to school children enumerated and living in each district. 259 N.W. 168, 169. In matrimonial law, the term refers to statutorily authorized division of property, both real and personal, which was acquired during the marriage. See, e.g., N.J.S.A. 2A:34-23. The court does not necessarily divide the property equally, but attempts to make a fair and just allocation taking into account such factors as length of marriage, ages of the participants, earning capacities, etc. The concept of equitable distribution represents a profound change in matrimonial law by recognizing the essential role played by a non-working spouse (usually the wife) as homemaker and helpmate in the acquisition of family assets. Marriage is therefore viewed as a joint undertaking, similar to a partnership, entitling both partners to a fair share of the assets. 320 A. 2d 496, 501. In contrast, the traditional purpose underlying alimony was to prevent a wife and children from becoming public charges. Keezer, The Law of Marriage and Divorce §560 (3d ed., 1946, reprinted 1991). Absent statutory authority, the courts have no power to transfer property from one spouse to another. 24 Am. Jur. 2d 1054.


What is ‘equitable distribution?’

Most states employ "equitable distribution" in dividing marital (community) property as a result of the dissolution of marriage (divorce). Instead of a strict fifty-fifty split (in which each spouse receives exactly one-half of the marital or separate property), equitable distribution looks at the financial situation that each spouse will be in after the termination of the marriage. While equitable distribution is more flexible, it is harder to predict the actual outcome, since the various factors are subjectively weighed. Factors considered in equitable distribution include:

1. Earning power of the spouses (one might be much greater than the other)

2. Separate property of the spouses (one might be greater in value than the other)

3. One spouse having done all the work to acquire the property

4. The value that one spouse contributed as the home-maker for the family

5. Economic fault of one spouse in wasting and dissipating marital property

6. Duration of the marriage

7. Age and relative health of the spouses

8. The responsibility for providing for children of the marriage

9. Spousal abuse or marital infidelity (to penalize the offending spouse).



How to Update Wiki

The Law Wiki is still very new and so it's a great time to jump in and start updating it and learning how to use it. You really can't mess anything up, because all revisions are stored and can be rolled back by a moderator, so play away and you can help make this a great resource for WORLDLawDirect visitors.

« Previous Chapter   Marriage and Divorce

Contributors: top_admin, wld_wiki
Created by chicago, 05-14-2008 at 02:40 AM
Last edited by top_admin, 05-21-2008 at 09:28 AM
0 Comments , 226 Views
 


Article Tools Search this Article
Search this Article:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Add Forum to Google Toolbar | Format Your Messages

Posting Rules

Similar Threads
Thread Thread Starter Forum Replies Last Post
Distribution of any profits Unregistered Business Contracts & Partnerships 1 03-15-2008 02:08 PM
Divorce without distribution of assets Unregistered Divorce, Separation, Annulment 1 10-06-2007 04:30 PM
Equitable Distribution not sure in NC Divorce, Separation, Annulment 0 10-02-2007 09:28 AM
china distribution agreement Unregistered Doing Business in China 1 07-20-2007 01:51 PM
IRA Distribution Unregistered Wills, Trusts, Estates 0 10-14-2006 03:06 PM


All times are GMT -4. The time now is 04:12 PM.


Subscribe

Use of the Forums is subject to our Disclaimer which prohibits unapproved advertisements, solicitations or other commercial messages, and false, harassing or abusive statements. All postings reflect the views of the author but become the property of WORLD Law Direct.

Questions and information submitted in the Forums are assumed inquiries for general information and not legal advice.

Copyright 2000-2008 by WORLDLawDirect.com, Inc.