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How Are Assets Divided Under Equitable Distribution?

Posted by Unknown | Oct 27, 2020 | 0 Comments

how are assets divided under equitable distribution

Drama-Free Divorce can offer expert guidance if you have questions regarding "How are assets divided under equitable distribution?" At Drama-Free Divorce, we provide access to financial solutions that are easily affordable, such as flexible monthly plans starting at $500 for individuals living in Missouri and Kansas. Our transparent pricing ensures there are no hidden costs, and our goal is to alleviate the stress and inconvenience often associated with court proceedings by avoiding them altogether. Our attorneys are not only highly skilled; they understand your struggles during this difficult time while offering professional and personalized assistance in every instance.

Understanding how assets are divided under equitable distribution during a divorce is of utmost importance, and this article will detail the legal process in depth, outlining which factors must be taken into consideration, how to hire an attorney, and which firm we recommend as the ideal one to assist with this difficult journey. We will introduce ourselves and explain why our firm can best support you on this difficult path ahead.


What Is Equitable Distribution in Divorce?

Division of assets is an integral aspect of divorce proceedings and an emotional process. Equitable distribution refers to a legal framework that seeks to distribute property and assets between spouses fairly but not necessarily evenly; although this process might seem straightforward at first glance, specifics can vary depending on state laws and individual circumstances.


How are assets divided equitably?

Equitable distribution divides assets into two types, marital and separate property. Marital property refers to assets acquired during marriage while separate property includes those acquired before marriage or through inheritance. Here are the steps in this division process:

  • Identification: As soon as a marriage ends, all assets and liabilities accrued during its time should be identified - this includes real estate, bank accounts, retirement funds, and personal belongings.
  • Valuation: A current market value assessment is conducted on every asset; this may be straightforward for bank accounts but more complex for other forms of assets like businesses and real estate.
  • Classification of Assets: Assets can be classified either as separate or marital property depending on how and when they were acquired.
  • Equitable Distribution: Once all assets have been classified, a court will make an equitable distribution order. However, this does not necessarily mean 50/50; rather it takes into account various other considerations.


Dividing Property: Factors to Consider

To ensure an equitable division of assets, several factors must be taken into consideration. They could include:

  • Duration of Marriage: A longer marriage may lead to the equitable division of assets.
  • Financial Contributions: When considering whether to grant a divorce, the court will examine each spouse's contributions financially to the marriage - including income, debts, and household duties.
  • Earning Capacity: Each spouse will undergo an assessment of their future earning capacity.
  • Custodial Arrangements: Custody arrangements of children could influence how their inheritance will be split among relatives.
  • Spousal Support/Alimony: Spousal support or alimony may be awarded in order to offset income disparities between partners.
  • Health and Age: When considering each spouse, their physical and emotional well-being as well as age will be taken into account.
  • Non-Financial Contributions: Contributions other than financial ones should also be taken into consideration, including efforts made by one spouse to support another's career or education.


Why hiring a divorce attorney is better than not having one?

Divorces can be emotionally and mentally taxing. While you could represent yourself in your divorce proceedings, hiring an attorney has several advantages:

  • Legal Expertise: Attorneys have an in-depth knowledge of divorce laws, which allows them to guide you quickly through the process.
  • Objective Advice: They offer objective advice that helps individuals make more rational choices despite emotional turmoil.
  • Negotiation Skills: Attorneys are skilled negotiators and will ensure you achieve the optimal result.
  • Legal Paperwork: Your legal team will handle the necessary paperwork and reduce any risk of costly errors.
  • Mediation Support: Mediators can effectively represent your interests during mediation.


When should you hire an attorney?

Even if you feel uncertain of how to proceed in your divorce proceedings, consulting an attorney as early as possible is recommended. They can offer valuable insight and assist in understanding your rights - it's never too soon if going through a separation or divorce!


What criteria must I follow in selecting an excellent attorney?

Finding the appropriate divorce lawyer is of utmost importance, so keep these criteria in mind when selecting one:

  • Experience: Seek out an attorney with significant expertise in divorce and family law cases.
  • Reputation: Reviews, referrals, and testimonials are great ways to monitor a business's reputation.
  • Compatibility: Find an attorney you feel at ease communicating freely with.
  • Cost: Make sure that the fees fit within your budget by discussing them upfront.
  • Resources: Be certain the attorney you hire has all of the necessary resources for effectively handling your case.


Why Choose Drama-Free Divorce?

Drama Free Divorce is dedicated to making your divorce as seamless and stress-free as possible. To become an acclaimed attorney, we meet these criteria:

  • Experience: Our team has extensive expertise in handling divorce cases, and can offer expert guidance.
  • Reputation: Our outstanding track record speaks for itself, with many satisfied customers and impressive testimonials that attest to our dedication and excellence.
  • Compatibility: At our core, our priority is our clients and compassionate communication is key for us.
  • Cost: Our flexible payment plans, starting at as little as $500 monthly, ensure affordability.
  • Resource: At our firm, we possess both the experience and resources to effectively navigate even the most complicated divorce proceedings.


Suggestions for Action 

  • Seek Legal Advice: It is imperative if you are contemplating divorce, or already going through it, to consult with an experienced and reliable divorce attorney who understands both your rights and options.
  • Accumulate Financial Documents: Start collecting all financial documentation pertaining to asset distribution such as bank statements, tax returns, and property appraisals to facilitate the asset distribution process.
  • Consider Mediation: If you want a less adversarial way of settling disputes, mediation may be a viable solution. Just make sure that your rights are represented by an attorney during any such proceedings.
  • Review Your Budget: Assess your financial status and develop a post-divorce budget plan in order to maintain financial security following divorce.
  • Prioritize Self-care: Divorce can be emotionally exhausting. For best results, find support from family, friends, or professionals.

An understanding of equitable distribution will make your divorce much smoother, as will having access to an experienced attorney during this difficult period. We at Drama-Free Divorce strive to make your process as stress-free and equitable settlement possible; contact us now so we can get you to a fair, equitable agreement. Contact us today at 816 615-5555 or send us an email on our Contact Page.

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