HopefullyInLawSchool
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Simple English definitions for legal terms
equitable asset
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A quick definition of equitable asset:
An equitable asset is something that someone owns and has value, but can only be paid out through a court of equity. This means that it can only be distributed fairly and justly, according to the rules of the court. Examples of equitable assets might include things like intellectual property or certain types of investments.
A more thorough explanation:
An equitable asset is an item that has value and is subject to payment only in a court of equity. This means that the asset can only be claimed through a legal process, such as a lawsuit or court order.
For example, a person may have a claim to an equitable asset if they were wronged by another party and are seeking compensation. The asset in question may be property, money, or other valuable items that the court determines should be awarded to the injured party.
Another example of an equitable asset is a trust fund. The assets held in a trust are subject to the terms of the trust agreement and can only be distributed according to those terms. If a beneficiary of the trust believes they are entitled to more than what is being distributed, they may need to go to court to seek an equitable remedy.