The equitable distribution process involves several key stages, each presenting its own challenges:

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• Identification – This stage requires creating a full inventory of all assets and debts, determining whether each item is marital or separate. One major challenge is ensuring full financial transparency from the other party to avoid asset concealment. Another challenge is assessing the origin and use of significant assets to determine if they belong to the marital estate. Generally, property and debts acquired before the marriage or after legal separation are separate, while those acquired during the marriage are marital. Gifts and inheritances received during the marriage are typically separate but may become marital property if used for the mutual benefit of both spouses.

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• Valuation – This step involves assigning a value to each asset, which can lead to disputes involving real estate appraisers, financial experts, and other specialists. Assets that are especially challenging to value include ongoing businesses, professional licenses, real estate, retirement benefits, and stock options.

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• Distribution – When deciding how to divide the assets fairly, the court takes several factors into account, such as the length of the marriage, any pre- or post-marital agreements, the income and earning potential of each spouse, and each spouse’s contribution to acquiring or dissipating assets. For example, if one spouse worked for many years while the other pursued a professional degree, the court will determine how much of the professional practice the supporting spouse is entitled to.

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Divorce cases involving substantial wealth or financial complexity can be particularly challenging. It is crucial to hire an attorney experienced in managing the distribution of marital estates similar in size and complexity to yours.