Property Division
(Equitable Distribution)
When spouses separate and divorce, they will need to divide money they have earned and saved, property they have purchased or debt they have accumulated during the marriage. Be sure to speak to an attorney before an absolute divorce is granted. Once divorce is granted, then many rights to property gained during the marriage will be lost.
In North Carolina, property division is known as Equitable Distribution. This can be as simple as dividing bank accounts and deciding who gets what vehicle to dividing a business or pension. The more assets that spouses have, the more complicated the division. Long term financial consequences must be considered when dividing property.
An attorney will often work with Certified Public Accountants to help with the process of dividing assets by figuring values and tax consequences. Real property and special collections should be appraised before deciding how to divide assets.
Because the law is complicated and property and debt can be divided in varied ways, an attorney can be invaluable in advising how to proceed and negotiate for the best division for you and can save you a lot of money.
Most spouses settle the division of assets and debts and enter into a Separation Agreement which is a binding contract between spouses that divides property and debt and severs financial ties to one another.
If spouses have reached an impasse on a few issues, they can go to Mediation or Arbitration. If a lawsuit is filed, North Carolina requires that spouses attend mediation before they can be heard in Court.
If a settlement cannot be reached and Court is the only option, it is imperative to have a strong advocate who is able to explain the financial intricacies to the Court and battle for the division that is in your best interest. If you need legal help in Franklin County or the surrounding counties, Ms. McCray would be glad to meet with you to discuss your options.
Click here to contact attorney Gena McCray or call us at (919) 497-0091 for more information.
If you are already a client, look on the client homework page for worksheets and information you can gather to help your attorney learn about you and your family to be able to give you good legal advice and guidance.