The laws of equitable distribution, the division of marital assets and debts, can be appear cryptic for those going through separation or divorce. In North Carolina, assets are generally classified as marital, separate, divisible or mixed, assigned a value and then fairly distributed between the parties. Complexities can arise with the valuation of unique items, businesses and stock options and their tax implications, comingled assets or one spouse’s work to improve the value of the other spouse’s separate property. Let the experienced attorneys at Bagwell Holt Smith P.A. analyze your case and help you navigate this potentially complex process.
We can answer all your questions about equitable distribution, including:
- How can I preserve my rights to a fair division of the marital estate?
- How are assets and debts classified as marital, separate, divisible or mixed?
- Is there a presumption that each spouse is entitled to exactly one-half of the value of marital assets and shares responsibility for exactly one-half of the liability of marital debts?
- Can the Court order an interim distribution of marital assets and debts to provide short-term financial relief?
- What is the effect of divorce on equitably distributing marital assets and debts?
- Is marital fault relevant to a property distribution analysis?
- What claims does a spouse have against the separate assets of the other spouse?
- How is liability assessed for debts incurred after separation of the parties?
- What solutions are available to address real estate and mortgage liability issues?
- What is the best legal strategy to resolve issues concerning joint creditors?
- How are tangible personal property items, e.g. furniture and clothing, typically itemized and divided?
- How are intangible property items, e.g. life insurance policies and retirement accounts, typically divided?
- How are complex marital assets, e.g. business interests and stock options, typically addressed?
- How is the ownership and care of pets addressed?
- What documents typically need to be prepared to change title on property, e.g. real property and automobiles?
- Will the Court order a party’s attorney’s fees to be paid by the other party?
Contact a family law attorney at Bagwell Holt Smith P.A. to learn more about equitable distribution.