Equitable distribution: Division of property after a divorce
In the dissolution of a marriage, the spouses are given the option to agree on how property and assets will be divided between them. Absent agreements on the matter, the law will decide how the marital property is to be apportioned.
In most states, it is the right and obligation of divorcing spouses to undergo equitable distribution or division of property. Instead of requiring both parties to agree to a fifty-fifty split of marital property, fairness is used as a prevailing principle.
In an equitable distribution, primarily taken into account is the financial situation of each spouse. Additionally, many factors are considered in the settlement negotiations, which include the length of the marriage, physical and emotional states of the spouses, and the economic situation and earning potential of each spouse, among others.
The court also decides on what assets are deemed marital property, and what assets are divisible property, the valuation of the assets at the time division of property takes effect, as well as at the date of separation of the parties, and how to equitably distribute these to the divorcing parties.
Turlington Law Firm is a North Carolina law firm that understands the stress and frustration of marital conflict and divorce proceedings. Throughout the ordeal, our firm provides legal guidance, negotiates on behalf of the client, and approaches the case from every angle to ensure beneficial resolution.