An equitable distribution of property does not necessarily mean a 50/50 split, but rather a distribution based on a number of factors. A court is required to apply these factors, otherwise the monetary awarded maybe discarded. Below is a list of factors considered including a brief explanation of some of them:
1. The monetary and non-monetary contributions of each party to the family’s well-being. Monetary contributions are obvious – income. Non-monetary contributions include taking care of the children, preparation of meals, doing laundry, and cleaning, among others.
2. The value of all marital and non-marital property interests of each party.
3. The economic circumstances of each party at the time the award is to be made. The court here will look at various factors such as whether one spouse is providing for a second family, estimated sales proceeds of joint property, nonmarital debts (i.e., debts which are not directly traceable to acquisition of marital property such as income taxes), marital debts (i.e., debts directly traceable to the acquisition of marital property), liquidation expenses and tax consequences, nonmarital assets, the payments of any debts by another, and the present earning capacity of the parties.
4. The circumstances that contributed to the couple’s split-up. If someone was at fault for the breakup due to, for example, adultery, then this will be factored into the amount of the monetary award.
5. The duration of the marriage. There is no rule of thumb as to what will be considered a long term v. short-term marriage. A longer term marriage may, however, result in a more favorable monetary award.
6. The age of each party
7. The physical and mental condition of each spouse
8. How and when property was acquired. This factor relates to how and when specific marital property was acquired including the effort expended by each spouses in acquiring the marital property.
9. The nonmarital contributions by either party. This factor becomes important where real property was purchased with either spouse’s nonmarital assets
10. Any award of alimony or use and possession
11. Any other factor considered necessary or appropriate in order to arrive at a fair and equitable monetary award. Here, courts have looked at the payment of taxes, whether any nonmarital property was paid with joint funds, the ability to borrow funds or pay attorney’s fees which must not be speculative, and receipt of Social Security benefits in determining the proper monetary amount. This is a non-exhaustive representation of situations that could affect the monetary award under this factor.
