Your Property and the Laws of Equitable Distribution

Although division of property can be a difficult process during divorce proceedings, the rule of thumb is for equitable distribution, where property acquired during the course of the marriage is split 50/50. This will be done no matter whose name the property is actually in. However, the courts do have flexibility in changing these percentages but that normally occurs only under extraordinary circumstances.

If one of the people owns a business, the other person may be entitled to half of the business as well including equipment, accounts receivable, and goodwill. However, if the business has ceased to generate a profit, the non-owning party may not want to have fifty percent of the goodwill.

In cases where a house was purchased before the marriage and then transferred into joint names, even this property can be determined eligible for 50/50 split status. The court will recognize the transferring of the names as the intention of the owner to present the house as a gift to his or her new spouse. The same can happen for money that was commingled with a joint account after marriage. It will be recognized as marital property that is subject to equitable distribution as well.

If you are going through a divorce and would like to understand what might happen to your property, contact us to work with a Jacksonville family law attorney.