Property Division Lawyers In Asheville, NC
Throughout the course of a marriage, couples will accumulate what’s known as “marital property,” which is really anything of value acquired by either spouse during their union, such as their family home, financial accounts, vehicles, and even businesses. Most couples also accumulate “marital debt,” which is any liability of marriage, including credit cards and loans. When a married couple decides to divorce in North Carolina, their marital property and debts will be identified, classified, and fairly distributed among the parties by the courts in a process known as equitable distribution.
The equitable distribution process can quickly become complex and contentious, especially when disputes arise over the value of a particular item or which party should receive it. Here at Blue Ridge Family Law Group, our property division attorneys have years of experience handling equitable distribution across a wide range of cases, including complex valuations of assets, professional practices, businesses, and other unique situations. Contact us today to learn more or schedule a consultation with one of our attorneys!
What Is Equitable Distribution?
Equitable distribution is the legal process used by North Carolina courts to fairly divide marital property and debts following the dissolution of a marriage. Absent any agreement between the divorcing parties, a court will determine each party’s respective rights to marital property and separate property. It’s important to note that, rather than automatically dividing everything equally, the court will carefully evaluate each spouse’s financial and personal circumstances to determine an equitable allocation of all assets and liabilities. Some factors courts consider when determining how to divide property equitably include the length of the marriage, each spouse’s earning potential, financial and non-financial contributions to the marriage, and more. Because property classification and valuation directly affect the outcome of equitable distribution, we recommend contacting our family law attorneys for trustworthy legal counsel throughout this process.
How The Court Determines Assets & Debts
A court must do the following for all assets and liabilities in an equitable distribution case:
- Identify the asset or liability.
- Classify the asset or liability: is it marital, separate, or mixed?
- Value the asset or liability.
- Distribute the asset or liability to a party.
There are various special circumstances that can arise in an equitable distribution case that make the process more complicated, such as the “gift presumption”, when one party puts the other party on a the title of a home that the first party owned prior to the marriage, or when a spouse develops an “equitable interest” in property when marital funds are used to pay down a loan or liability on an investment or piece of property. Because these issues arise in many cases, you should always have an experienced family law attorney in your corner.
Frequently Asked Questions
Is Equitable Distribution Always 50/50?
No, not always. In states that adhere to the legal principle of equitable distribution, such as North Carolina, the court’s goal is simply to reach a fair outcome, not necessarily an equal one. While many cases do end up resulting in a near 50/50 split, North Carolina courts are permitted to order an unequal distribution when fairness requires it. Judges weigh everything from the duration of the marriage to contributions like career sacrifices and homemaking when determining how to divide property fairly.
What Counts As Separate vs. Marital Property?
Marital property generally includes all assets and debts acquired by either spouse during their marriage, such as home furnishings, retirement accounts, financial accounts, vehicles, recreational vehicles and equipment, their house, other real estate, and so on. Separate property, however, typically includes things like assets owned before the marriage, individual gifts, and inheritances received by one spouse.
Does Who Filed For Divorce Affect Equitable Distribution?
No. In North Carolina, it doesn’t matter which spouse filed for divorce, and neither party will receive any advantages or disadvantages in the equitable distribution process. Additionally, fault and misconduct generally don’t affect equitable distribution unless they involve financial wrongdoing, such as hiding assets or wasting marital funds. Equitable distribution is solely based on financial and legal factors, not who initiated the case or “caused” the divorce.
Do I Need A Lawyer For Equitable Distribution?
While not strictly required, hiring an experienced family law attorney is often highly recommended to ensure a fair and equitable division of marital assets. Securing legal counsel is especially beneficial in cases involving significant financial assets, retirement accounts, businesses, or disputed property. One of our trusted Asheville attorneys can help identify all marital assets, protect your separate property, and represent you in court if necessary.
How Our Asheville Family Law Attorneys Can Help
Here at Blue Ridge Family Law Group, we proudly serve families throughout Asheville and the surrounding areas with comprehensive, client-focused representation. Our property division attorneys can assist you through every step of the equitable distribution process, including asset identification, property classification and valuation, mediation, and, if necessary, litigation. Schedule a consultation with our family attorneys today to learn more about equitable distribution and how we can help you navigate this complex legal process.