Equitable distribution is a legal concept that sets out how assets should be divided between divorcing parties. For help with equitable distribution cases, call North Carolina family law attorney Larry Hudspeth at (910) 455-9921.
The interpretation is not literal. Assets aren’t divided in half between the parting spouses. Instead, equitable distribution implies dividing the property fairly. A spouse can request the court to distribute more than half of the property to him or her based on the determining statutory factors.
According to the concept of equitable distribution, one spouse may end up with more than the other spouse after the divorce what the court considers fair. An imbalance in the parties’ educational achievement and employability is among the factors that could make distribution unequal. Other factors considered here include how much each earns or spends, how much each needs financially, and how old each is.
The forward-looking asset division approach takes into account the financial welfare of the parties after the divorce.
Other factors that inform equitable distribution include:
Before a divorce is final, a spouse must file a claim for equitable distribution to ensure that he or she receives a fair distribution of assets. The outcome boils down to the liquidation of the marital estate in a way determined by the Court to be fair.
No matter who filed for the divorce, the asset division process is the same. Further, marital misconduct has little to do with how the assets will be divided, unless gross financial misconduct.
Parties may select their mediator if they can agree on one. A judge will select a mediator if the parties cannot agree on one.
The parties reach an agreement about the division of assets and liabilities if the mediation is successful. Both parties and the mediator will then sign the written contract. After the deal is reached, the mediator notifies the court, and the agreed-on asset division formula becomes enforceable as a court order.
When requesting equitable distribution, parties often have to bring financial affidavits to the mediation or to a hearing. Your lawyer can help create an equitable distribution affidavit that lists:
After separation and divorce, many people often end up in financial hardship. It doesn’t have to be that way. If you want to protect your rights to a fair division of marital assets, consulting with an experienced attorney is essential.