The equitable distribution of marital property refers to dividing assets and debts acquired during a marriage in a fair manner, taking into account each spouse's contributions and circumstances. This approach is used in some states instead of community property laws, which require an equal division of all assets and debts. The goal of equitable distribution is to ensure that both parties receive a fair share of the marital estate based on factors such as income, expenses, and each spouse's role in managing or maintaining the property.