What is a distributive award?

Distributive award means any payment or payments, in real or personal property, that are payable in a lump sum or over time, in fixed amounts, that are made from separate property or income, and that are not made from marital property and do not constitute payments of spousal support, as defined in section 3105.18 of …

How is equitable distribution determined?

Equitable distribution, also known as equitable division or division of property, takes into account a variety of factors when dividing assets and debts, including how long the parties were married, their needs, and the financial contribution each party made during the marriage.

Are distributive awards taxable?

Generally speaking money received as part of the equitable distribution of property incident to a separation is not taxable. It is important to note that this non-taxable status of money transferred from one spouse to another, is ONLY applicable to the equitable distribution of property.

When does a court require a distributive Award?

Further, the court may require any distributive award to be secured by a lien on the payor’s property. Likewise, the court can make a distributive award in lieu of a division of marital property to achieve equity between the spouses, if it determines that a division of the marital property in kind or in money would be impractical or burdensome.

How to say thank you for the award?

I will guarantee you that I will make more efforts in the future also. _I need some time to extend my thankfulness from the heart for the award presented by you. It is really big respect for receiving this award. This prize extremely acknowledges my work. _It is clearly a great honor for me to attain this special award from you.

Do you have to consider the tax consequences of an equitable distribution?

Courts are not required to consider theoretical or speculative tax consequences of transactions that are not necessary or probable to the equitable distribution. Thus, the court does not have to anticipate and consider the tax repercussions if the transferee spouse decides to sell the asset in the future.