When parties in Wilmington, North Carolina are seeking a divorce, they must make a claim for property division before the divorce is finalized or they lose the opportunity to have assets and debts split. While couples are encouraged to work together to reach a property division agreement, they are not always able to do so; when this is the case, the court will intervene, and will issue a property division judgment that is based on North Carolina’s equitable distribution laws. Our Wilmington equitable distribution attorney can guide you through the law and how to walk away with a fair outcome.
Equitable distribution is a way of dividing marital and other divisible property between parties in a divorce in a way that is equitable, but not necessarily equal. There are three types of property that are recognized in the state, two of which are subject to equitable division laws:
Marital property is all property that was acquired by either spouse during the course of the marriage, such as a home or a car, even if the property is only in one spouse’s name. Marital property is subject to equitable distribution/division.
Separate property, on the other hand, is that property which was acquired by either spouse prior to marriage, or which was acquired by one spouse by gift or inheritance prior to or during the marriage. Separate property is not subject to division; however, what one spouse does with separate money during the marriage may change the identity of the property to marital.
Section 50-20 of North Carolina Code also recognizes and defines divisible property, stating that divisible property is that property which is acquired or increases in value after the date of separation and prior to the date of distribution of property, including passive income (interest and dividends) and passive increases and decreases in marital debt.
Again, a couple involved in a divorce is encouraged to reach a property division settlement on their own, through mediation and negotiation, without the interference of a court. If a court must become involved due to the couple’s inability to reach an agreement, the court will determine what is equitable after considering numerous factors (NC General Statutes Section 50-20(c)), including:
At the offices of the Speaks Law Firm, PC Family Law Division, our Wilmington equitable distribution attorney provides aggressive representation during negotiations with your spouse, as well as in divorce litigation. We will work hard for you to help you reach the best possible divorce outcome and preserve your right to your full property award. Call our team today to get started.
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Below are some frequently asked questions about Equitable Distribution:
Equitable distribution is a method of distributing marital property in a divorce. Different states have different property division methods. North Carolina is an equitable distribution state, meaning that the court strives to find an equitable and fair way to divide a divorcing couple’s property without necessarily dividing it 50/50.
Working with an equitable distribution attorney can help you achieve a fair property division while ensuring that your voice is heard during the divorce case.
There are three types of property in a divorce case:
Only marital and divisible property are subject to equitable distribution.
Working with an equitable distribution attorney can help you understand which property will be subject to equitable distribution in your divorce.
Ideally, the court would divide property equally by determining its net value and distributing half of the value to each spouse. However, the court determines whether this method would truly be equitable for each spouse. It considers all of the following factors when determining equitable distribution:
While the court will attempt to create a fair distribution of property, “fair” is sometimes open to interpretation. Having a qualified attorney on your side can prove beneficial as you navigate marital division of property and other matters involved in the divorce case.
Your equitable distribution lawyer can help you gather evidence to support your right to certain property. They can also represent you in court as the judge determines equitable distribution.
If you’re looking for the right Wilmington divorce lawyers for the job, we can help. With an all-star cast of dedicated attorneys on our team, we have the skills and commitment to take care of your needs during your divorce.
Contact us today at (910) 769-7339 to schedule a case review.
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