The law as it relates to property distribution is as intricate as it is vast. Even in the most amicable of divorces, the division of property, assets, and liabilities can be one of the more complex tasks. An already difficult situation can be further complicated by a lack of understanding surrounding the legal process. The attorneys at Hatcher Law Group have considerable knowledge of this area of the law and significant experience representing clients in family financial matters, including property division.
What is Equitable Distribution?
Property distribution, commonly known as “equitable distribution” in North Carolina, is the process of identifying, classifying, evaluating and distributing property. This process can be one of the most challenging areas of family law and it forces lawyers and judges to confront difficult and diverse issues. Hence, the process of equitable distribution takes organization, patience, time, problem solving skills, and the involvement of other competent professionals such as appraisers and accountants.
You and your spouse are not required to go through this process if you are considering separation or divorce. If spouses can reach an agreement as to how their property will be divided, then the court’s intervention is not necessary and a claim for equitable distribution does not need to be initiated. However, it is extremely beneficial to have the provisions of your agreement incorporated into a Separation and Property Settlement Agreement, which is a contract that represents a final and often non-modifiable resolution to the distribution of property interests between spouses. Nevertheless, it is worth noting that, even if you are fortunate enough to be able to come to a resolution of property issues with your spouse, it is strongly recommended that you seek the representation of a family law attorney to prepare the Separation and Property Settlement Agreement. When an amicable resolution is not possible, the process known as equitable distribution comes into play.