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In NC, the law assumes that each party in a divorce is entitled to half of the total assets and debts. This is known as equitable distribution. However, it is possible for one party to receive more should the Court find that certain factors are present, such as, but not limited to, alimony, where the children are living and one’s ability to earn more income than the other spouse.
A separation agreement can create a plan for the division of assets and property. However, if this doesn’t happen, you will need to file for equitable distribution before finalizing.
Equitable distribution trials can be very complex and it may require experts to place values on the parties’ marital items, from pots and pans to retirement assets. It is highly recommended that you discuss matters of Equitable Distribution with an experienced attorney because the distribution of your assets is one way to protect your future and certainly one way to squander your future should you do nothing.
For assistance in protecting your property and reaching an equitable distribution agreement, contact us today.