Property division after divorce is not always smooth sailing, especially if the separating couple can’t agree on the way forward. Each spouse may have a hardline stance on what they should end up with, depending on the circumstances of the marriage and the eventual separation.
Think of a situation where one spouse decided to forego their job or education opportunities to support the other and, as a result, has a lower income earning capacity. When it’s time to divide the marital estate, they may feel entitled to a larger share. Luckily, equitable distribution of marital property takes care of such concerns.
How equitable distribution works
Under equitable distribution, several factors are considered when dividing marital property. Instead of splitting everything equally, the court will look at factors like each spouse’s age, income and education level. Other considerations include who bears custody of the children and, in some cases, the reasons for the divorce, among others.
It is up to you to bring to the court’s attention anything you think should weigh in the property division process to ensure you get what you deserve.
Watch out for hidden assets
If your spouse fails to disclose some marital assets, you could lose a lot since they will end up with full ownership of the said property. Therefore, you need to be keen and wary of any undisclosed or undervalued assets. Should you discover such missing assets, you need to take quick action before it is too late.
It is advisable to be involved in the entire divorce process from the start so that you can know if anything is amiss and what you can do to safeguard your interests.