Is your marriage in Greenville or Pitt County coming to an end? You should know that divorce laws in North Carolina involve a new concept. The idea of equitable distribution is one that many people may not know about. It’s a part of the law regarding the divorce process that you will need to familiarize yourself with.
What do you need to know about equitable distribution?
This is a concept that has transformed the way that the modern divorce process works in North Carolina. It refers to the way that the property and assets belonging to both parties are divided once the divorce is final. The key to understanding how it works is to know the principles that it is based upon.
The first thing you need to know is that this is not a purely equal distribution of property. There are several factors that will determine how much of a share each party receives. These can include future employment possibilities, present income, spending habits, current and future financial needs, and health.
There is also the fact that the specific cause of the divorce may come into consideration. If this is the case, there may be legal or other factors that influence how much each party receives after the split. The court will review the facts. It will then make a decision based on all of the above elements.
How can you ensure an equal distribution?
The concept of equitable distribution is one that has caused quite a bit of controversy in legal circles. Many people believe that property that was acquired before marriage or inherited from a relative should not be part of this process. These are assets that can be referred to as separate property.
Divorce is a process that can result in plenty of unexpected surprises. It’s a good idea to learn about your rights and obligations. This will give you the best chance to prepare a defense of assets you don’t want to part with. Doing so will help ensure a fair and equal separation.