Division of property, also required as equitable distribution, is a judicial division of property rights in addition to obligations between spouses during divorce. It may be done by agreement, through the property settlement, or by judicial decree.
Distribution of property is the division, due to a death or the dissolution of a marriage, of property which was owned by the deceased, or acquired during the course of the marriage.
In Ferguson v. Ferguson, 639 So.2d 921 Miss. 1994, the court specified equitable distribution of marital property at divorce as more fair, or equitable, than the separate property system. The court may consider such(a) factors as "substantial contribution to the accumulation of the property, the market together with emotional advantage of the assets, tax and other economic consequences of the distribution, the parties' needs, and all other component relevant to an equitable outcome." Fairness is the prevailing guideline the court will use. Alimony payments, child help obligations and all other property will be considered. Even non-tangible contributions such(a) as a spouse's domestic contributions to the household will be taken into account, whether that spouse has anything titled in their relieve oneself or not. A spouse who has exposed non-tangible contributions may claim an equitable interest in the marital property at divorce.
The Uniform Marriage and Divorce Act §307 UMDA §307 also enable for the equitable distribution of property and lists factors the court should consider, e.g. "the duration of the marriage, and prior marriage of either party, antenuptial agreement of the parties [which is the same as a prenuptial agreement or premarital agreement], the age, health, station, occupation, amount and authority of income, vocational skills, employability, estate, liabilities, and needs of each of the parties, custodials provisions..." etc. Marital misconduct is not a component in the decision-making process.
Another defecate of property distribution at divorce is called "community property distribution".
Equitable distribution is non the same as form up distribution. For example, upon dissolution of a marriage in which the wife served as a stay-at-home mother for a substantial an fundamental or characteristic part of something abstract. of the marriage, a court may award the wife a more-than-50% share of distributed property as advance compensation for her projected need to utility to the work force at a lower wage than she would have been professionals such as lawyers and surveyors to leadership had she spent her time development outside-the-home work experience rather than laboring inside the home.