When parties separate, a common issue is property division. In North Carolina property division is called equitable distribution. A claim for equitable distribution must be filed prior to the entry of a divorce judgment. Property division is a complex procedure, and it is imperative that a party have an attorney to represent him or her on this issue.
The Property Can Be In Either Party’s Name
Once a claim for equitable distribution has been filed, the parties must first classify the property they have accumulated. Marital property and separate property are the two basic classes of property. Martial property is property that was accumulated by the parties during the marriage. This can include homes, cars, boats, furniture, retirement accounts, and the like. The property can be in either party’s name. This also applies to debts acquired during the marriage. Separate property is the second most common class of property. Separate property is property acquired by one party or the other under certain conditions. Separate property could be items received before the marriage or items inherited during the marriage.
Classify Their Property And Debts
Once the parties have determined how to classify their property and debts, a value must then be placed on each item. This may require the simple of act of producing an account statement or it may require getting appraisals on homes or property or even a business appraisal. It is critical to be accurate and thorough in determining these values. In North Carolina, the presumption is that equal is equitable.
Unequal Distribution By One Party Or Another
However, it is a rebuttable presumption and is often challenged for an unequal distribution by one party or another. Some of the most common reasons include: a parent with children living in the home, age of the parties, incomes of the parties, a party’s contribution to help further the education of the other party, or tax consequences to each party. It is important that you have a skilled advocate to effectively navigate the complex waters of equitable distribution. The attorneys at Johnson Law are familiar with these issues and dedicated to serving our clients’ property division interests.
Fill out the form below to have a family law attorney help you.
Prepared And Took No Prisoners Chris represented me in a child custody action. He and his staff worked hard for me and my children. He was well prepared and took no prisoners in court. I was thrilled with the outcome.-Ryan
Complex Challenges In My Case Chris was very aggressive, detailed oriented, and thorough. There were many complex challenges in my case and he was able to handle them. I would highly recommend this law office to any prospective client.– Thomas
He Never Gave Up And In The End Prevailed Chris was a tenacious advocate for my son. He never gave up and in the end prevailed. I would highly recommend him as both a family attorney and a custody attorney.– Erin
He Was A Brute At All The Right Times Chris took the time to look at my case and really research the facts. Unlike, my prior attorney we took the time necessary to prepare and be ready for Court. I was pleased with his performance in Court. He was a brute at all the right times. I would highly recommend him.– Roy
Help Coach Me Through Some Rough Times Chris was a tenacious advocate for my son. He never gave up and in the end prevailed. I would highly recommend him as both a family attorney and a custody attorney. Chris and his staff are wonderful. They represented me in a domestic matter that lasted for over a year. Chris was not only my advocate, but helped coach me through some rough times during the process. They are dedicated to their clients and achieving the best outcome for their clients. I would highly recommend Johnson Law.– Candy