Equitable Distribution Serving Nearly All of Western North Carolina
During a marriage, couples usually accumulate “martial property”, which is really anything of value that the parties obtained during the marriage, such as home furnishings, retirement accounts, financial accounts, vehicles, recreational vehicles and equipment, a home, other real estate and anything else of value. Most couples also accumulate “marital debt”, which is any liability of the marriage- credit cards, mortgage and loans are the most common. When the Court divides up this marital property and marital debt, that process is called “equitable distribution”.
Those assets and liabilities not acquired during the marriage (and in certain circumstances during the marriage) are considered “non-martial”. If an item is “non-marital” it is not divided up in the process of equitable distribution and stays with an individual party. The best example of this is if one party receives an inheritance during the marriage.
The equitable distribution of marital assets and debts (equitable distribution) is usually a significant part of divorce and separation process. During this process, each asset or debt will be classified as marital or non-marital and distributed to the respective party. While that process sounds simple, it can become complicated and contentious, especially as disputes arise over the value of a particular item or which party will receive that item.
Our team of attorneys has significant experience dealing with equitable distribution in a wide variety of cases and circumstances, including complex valuations of various types of assets, professional practices and businesses, and other unique situations.
Contact one of our experienced family lawyers with Blue Ridge Family Law Group for more information about the equitable distribution process for your case.
How To Determine Assets & Debts In a Divorce
A court must do the following for all assets and liabilities in an equitable distribution case:
1. Identify the asset or liability.
2. Classify the asset or liability- is it martial, non-martial or mixed?
3. Value the asset or liability.
4. 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. As these kinds of issues can arise in many cases, you should always have an experienced Asheville family law attorney, who serves Asheville and nearly all of Western North Carolina.
What is an “Equitable” When it Comes to Equitable Distribution?
The short answer is that the law presumes that an equal distribution of net assets and liabilities is “equitable”. The statute then gives various criteria for what the Court should consider when considering an unequal distribution. While it is standard practice for a party to make a claim for “unequal distribution” in his or her favor, the Court awards an equal division of assets and liabilities in the vast majority of cases.
If you think you may have a claim for unequal distribution in your favor, contact one of our experienced family law attorneys in Asheville, who serve all of Western North Carolina.
How Our Asheville and Western North Carolina Attorneys Can Help
While the goal for each spouse for equitable distribution is unique to each person and each situation, our divorce attorneys, who serve Asheville and nearly all of Western North Carolina, can provide you with the advice and representation necessary to make sure your assets are distributed appropriately. Our attorneys have years of experience in family law as well as litigation and are committed to helping each client throughout this process. Schedule a consultation with our family attorneys today to learn more about this process and get more information about how we can help you.