What is meant by equitable distribution of income?

What is it? Equitable distribution of income ensures distributing welfare to ensure fairness and allowing members of the economy to have the same opportunity to accumulate wealth. The Government redistributes tax revenue to ensure equitable distribution of wealth.

Is the inheritance considered a separate property in Florida?

All marital property is subject to property division in a Florida divorce action. Florida statutes define non-marital or separate assets as the property received by either spouse separately by bequest, descent, non-interspousal gift, or devise. Therefore, an inheritance is considered a non-marital asset.

How are inherited assets divided in a divorce?

Commingling of Inheritance and Divorce A spouse must keep inherited assets separate and apart from marital assets to prevent the assets from being subject to property division laws. If the spouse commingles inherited assets with marital assets, the other spouse may have a claim to the inherited property.

How are spouses entitled to inheritance after divorce?

The spouse maintains the account in his name only. However, the husband allows the wife access to the account and, with his permission, the wife begins using the account to invest money. Both spouses continue to use the account for the next several years. The account may now be a marital asset.

Can a judge separate inherited property after divorce?

Judges may try to separate commingled property, but the process can be very complicated. For instance, if a spouse deposited inherited funds into a joint account, the judge may allow the inherited funds to be separated to avoid equitable division.

Are there any gifts exempt from equitable distribution?

In fact, any gifts between spouses during the marriage are not exempt and are subject to equitable distribution on divorce. As such, some times we are required to have jewelry, furs, and other expensive presents appraised to determine their value for equitable distribution purposes.

Is the inheritance considered marital property in a divorce?

Whether or not your inheritance is considered marital property becomes relevant should you divorce. In most states, the courts view marital property as being subject to equitable division, meaning the assets are allocated between spouses in a just and fair manner.

How are assets exempt from equitable distribution in NJ?

Changing something from someones own name into joint names is deemed as making a gift to the marriage. Also, the law is clear that the person who seeks to have an asset deemed exempt has the burden of proving that the asset is exempt.