Greensboro Equitable Distribution Attorneys
Helping You Keep What Is Rightfully Yours During Divorce
One of the most pressing questions when divorcing is, “How will all of the property be divided?” You and your spouse have likely accumulated a lot over the years – houses, vehicles, furniture, household appliances, and so much more. For the sake of your future, it is crucial that you get your fair share. That is where we come in.
At the Law Office of Stephen E. Robertson, PLLC, we help spouses work towards the equitable division of their property. Our Greensboro equitable distribution lawyers can guide you through the court’s distribution of your marital property, ensuring that you receive a fair outcome.
What Is Equitable Distribution?
In North Carolina, the division of marital assets and debts between divorcing spouses is conducted according to the laws of equitable distribution. Statutory law assumes that, because marriage is a shared partnership, each spouse has a right to marital property–i.e., all real and personal property that the parties acquire during the marriage.
In most cases, the spouses will be required to resolve the division of their assets and debts on their own through mediation or collaborative law. However, if the spouses cannot agree, the equitable distribution of their property will be left for the court to decide.
The Equitable Distribution Process
When spouses are unable to reach an agreement on their own concerning the division of their property, they will need to go through the equitable distribution process conducted by the court.
The process of court-conducted equitable distribution involves three steps, including:
- Identification – The first step for the court is to determine which property is marital and which is separate. Separate property includes property owned prior to marriage, inherited, as well as gifts. However, any separate property that was used to purchase jointly held real estate may be considered marital property.
- Valuation – Next, the court will assign a value to each item of the marital property. Typically, the court may consider evidence of the amount a willing buyer would pay to a willing seller—known as fair market value. Determining the value of the marital property often involves the use of appraisers and other experts.
- Distribution – Finally, the court will equitably distribute the marital property. According to the Equitable Distribution Act, the division of the assets and debts is to be equal, unless the court decides that such distribution would be inequitable. All decisions regarding the division of the marital property are final, and it can only be appealed if the court abused its sound discretion during the distribution process.
Get an Experience Advocate on Your Side
To ensure the protection of your right to marital property upon divorce, consult with our Greensboro equitable distribution attorneys for advice. We have over 20 years of experience handling these complex cases and know what it takes to obtain a fair settlement on your behalf.