Equitable distribution by definition is a judicial division of both your property rights and your obligations between spouses during divorce. There are different ways to do equitable distribution during divorce it can be done by agreement or by a property settlement or by judicial decree.
In New Jersey, the law of property and obligations follows the “equitable distribution”, unlike a “community property” state law where the assets of the couple are divided 50/50. Here in the case of equitable distribution, all assets and income generated during the period of marriage, are divided fairly or better said, equitably. It is not necessary that the distribution will always be equal.
This process of equitable distribution can be settled between spouses either by mutual settlement agreement or by the order of court. Normally the lawyer or attorney plays the role of a mediator in case vigorous settlement is required.
In New Jersey, there are basic a few basic fundamentals on which the equitable distribution is calculated or settled:
- Determination of total joint Marital Assets & Liabilities
- Marital Property Valuation
- Marital Property Division
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