How are marital assets typically divided in the event of a divorce?

In the context of a divorce, marital assets are typically divided equitably, meaning that the division is made fairly but not necessarily equally. The concept of equitable distribution recognizes that both spouses may have contributed to the marriage in different ways, whether financially or through non-monetary contributions such as raising children and managing the household.

This approach allows for the consideration of various factors that may impact the division, like the length of the marriage, the economic circumstances of each party, and the contributions of both spouses to both the household and their individual careers. This ensures that the distribution reflects a fair allocation rather than simply splitting assets down the middle or adhering to rigid guidelines based solely on their types.

Other methods, such as dividing according to property type or sharing equally irrespective of contribution, do not adequately account for the complexities of a marriage and the individual circumstances of each spouse. Thus, the equitable division framework is designed to achieve a balance that serves the best interests of both parties in a divorce.