Charlotte Equitable Distribution Attorney

What is Equitable Distribution?

Equitable Distribution is the process by which property, assets, and debts are divided and distributed following a dissolution of marriage. Generally, any asset or debt acquired by spouses during their marriage is subject to equitable distribution by the Court. This includes:

• Homes
• Bank accounts
• Retirement accounts
• Credit card debts
• Vehicles
• Student loans
• Household goods
• Boats
• Jewelry

There are exceptions and certain assets or debts that may not be subject to equitable distribution, such as items acquired during a marriage by inheritance or gift. 

Each equitable distribution case is unique and with the help of a knowledgeable Charlotte equitable distribution lawyer here at Miller Cushing Holladay, we can help you achieve an equitable and fair distribution of your marital assets and debts.

Discover your options for equitable distribution by calling (704) 810-1400 or filling out this online form. Speak with a knowledgeable Charlotte equitable distribution attorney from our firm today!

Equitable Distribution Basics

Many North Carolinian's assume that they receive one-half of each individual asset or debt under equitable distribution, which is not correct. The Court is charged with distributing all marital assets and debts equally, unless it determines that an equal division is not equitable. 

The Court can use distribution factors, such as duration of the marriage or any direct or indirect contribution made by one spouse to help educate or advance the career of the other spouse, to divide the marital estate equitably rather than equally. Either spouse can also ask the Court to award him or her a larger share of the marital estate.

If your spouse has control over most of the marital assets and you do not have adequate resources to sustain throughout your separation, you have the right to ask the Court to award you an “interim distribution” of marital assets. Interim distributions are awarded to spouses unless the other spouse can show the Court good cause for not doing so.

Types of Assets in a Divorce

Divorces involve the complex task of dividing assets, and understanding the various types is crucial for a fair distribution. Here are common types of assets considered during divorce proceedings:

• Marital Home: The marital home is frequently a substantial asset, and determining whether to sell, transfer ownership, or allocate it to a specific spouse demands thoughtful deliberation.
• Financial Accounts: Bank accounts, savings, and investments fall into this category. Balances at the time of divorce are typically subject to division.
• Real Estate: Beyond the family residence, additional real estate like vacation homes or rental properties is categorized as marital property.
• Retirement Accounts: 401(k)s, pensions, IRAs, and other retirement accounts acquired during the marriage are subject to equitable distribution.
• Personal Property: Furniture, jewelry, artwork, and other personal belongings are evaluated and divided during divorce.
• Vehicles: Cars, boats, motorcycles, and other vehicles fall into this category. Their value is considered when determining asset distribution.
• Businesses: Should one spouse possess ownership of a business or hold a partnership position, the value of the business could constitute a component of the marital estate.
• Debts: Liabilities, including mortgages, credit card debts, and loans, are also considered when dividing assets.

Understanding the nature and value of these assets is essential for achieving an equitable division. Legal guidance from our experienced Charlotte equitable distribution lawyers ensures that all assets are properly identified, valued, and distributed in accordance with the applicable laws, leading to a fair resolution for both parties.

The Equitable Distribution Process in North Carolina

Identifying Marital Property

The first step in the equitable distribution process is identifying what constitutes marital property. This often requires a detailed analysis of financial documents, including bank statements, tax returns, and property deeds. Both parties must disclose all relevant assets and debts to ensure a fair division.

Valuation of Assets

Once marital property is identified, the next step involves valuing these assets. This can be straightforward for liquid assets like cash and bank accounts but may require professional appraisals for real estate, businesses, and other high-value items. Accurate valuations are essential to ensure that both parties receive a fair share.

Determining Distribution Factors

North Carolina courts take several factors into account when determining how to divide marital property equitably. Some of the key factors include:

• Duration of the Marriage: Longer marriages may result in a more equal distribution of property.
• Contributions to the Marriage: This includes both financial contributions and non-monetary contributions, such as homemaking or caregiving.
• Economic Circumstances: The financial situation of both parties at the time of the distribution can affect how property is divided.
• Future Needs: Courts consider the future needs of each spouse, particularly if one spouse may have a greater need for support or resources post-divorce.

Negotiation and Settlement

Many cases settle outside of court through negotiation between the parties. Mediation is often a valuable tool in these situations, allowing both spouses to discuss their priorities and reach a mutually agreeable settlement. The Charlotte equitable distribution attorneys at Miller Cushing Holladay PLLC are skilled negotiators, working diligently to facilitate productive discussions and advocate for your interests.

Court Proceedings

If a settlement cannot be reached, the case may proceed to court. During the court proceedings, both parties present their case, including evidence of asset valuations and arguments regarding equitable distribution. The judge will ultimately make a determination based on the evidence presented and the factors outlined in North Carolina law.

To learn whether you have a claim for equitable distribution, or an interim distribution, call (704) 810-1400  and consult a Charlotte equitable distribution lawyer from our team here at Miller Cushing Holladay today.