One of the challenges of divorcing is deciding how to divide your marital assets. This process is easier when you're divorcing amicably, but it's still something that many couples find to be difficult. When you speak to your divorce attorney about the distribution of your marital assets, he or she may use the term "equitable distribution." This term may be new to you, but it's one that you should discuss at length with your legal professional. Equitable distribution can be effective for many couples in your situation. Here are three things to know about it.
It Focuses On Being Fair, Rather Than On Being Equal
Divorcing couples who attempt to divide everything equally often run into challenges in a number of ways. For example, if you're trying to equally divide your kitchenware, you might go to the length of each taking equal numbers of cutlery, plates, spoons, and more. This approach is one that can be emotionally and physically exhausting. Instead, you might lean toward equitable distribution, which simply endeavors to make this division fair. For example, one of you might take all of the kitchenware, while the other might take a couple of small appliances—and you'll both agree that this arrangement is fair.
It's Up To Your Discretion
Because equitable distribution is all about being fair, rather than meeting the definition of equality, it gives you a considerable amount of flexibility. Fair can be an abstract concept that simply requires both you and your spouse to be in agreement. Sometimes, you might choose to have your spouse take more of the marital assets than you. For example, if you earn more money, you might feel better about him or her taking more of the assets and you simply buying new things. As long as you both agree to this scenario, you can make it work and then move forward.
It Can Move Things Along Quickly
One of the slowest parts of any divorce can be discussing the division of the assets. Spouses will sometimes be so meticulous about this division that they drag their divorce on longer than it has to take. You may find that equitable distribution helps to expedite things. Instead of the mindset of, "You pick something, and then I'll pick something," repeated perhaps hundreds of times, you can both come up with a quick idea about what each of you wants to take. If you're both happy, this process is done.