The term "equitable distribution" brings to mind the idea of a fair or even division of assets. Equitable distribution is the way the state of Florida -- and most other states -- deals with property division during divorce. A handful of other states follow community property laws.
With equitable distribution, a court will decide what is a fair and equitable way to divide up the assets in any given divorce. This means that you aren't guaranteed 50 percent of the assets, nor are you guaranteed a 50 percent stake in any given asset. Instead, it simply means your financial fate and the vast majority of the wealth you have accumulated over your life will rest in the hands of a judge.
The lesson here is that equitable distribution does not necessarily mean "equal" distribution, nor is the outcome of equitable distribution necessarily "fair" in the eyes of one or both spouses. This can be a disheartening outcome when the splitting spouses have an extensive list of assets to deal with. Businesses, inheritance, real estate, pensions, retirement accounts: these are all very valuable assets that could be part of divorce.
For those who have a lot of assets and have either filed for divorce or are involved in a divorce, you should consult with experienced legal representatives to ensure your case is handled properly. At the Law Office of Cheryl Bucker, we can provide unique legal counsel to help you address the issue of property division in an equitable distribution state.