While dealing with the emotional toll that a divorce can take, you are also entitled to be dealing with specific legal procedures that involve property distribution, child custody, child support, and visitation rights. As an extension to the procedures, you should also divide all the properties you and your spouse acquired upon your marriage. It is often called equitable distribution, but it does not promise an equal share. In such cases, seeking legal help from monroe nc family law attorneys can smoothen the process, and they can offer legal advice.
Additionally, partners involved in a divorce case can decide how they want their assets and property to be divided without a third party, but an attorney’s help is beneficial.
Things to be aware of equitable distribution:
An equal share is not guaranteed
Usually, partners do not obtain a 50/50 split after a divorce due to certain reasons. It is said that in most divorce cases, one partner will gain more than the other property. It can be achieved easily since the court might consider several factors like the current financial status of the spouse, liquidity of spousal properties, and potential liabilities.
Only marital property is considered.
Although a partner might wish to inherit the personal properties of their spouse after divorce, it is not possible since the only marital property is considered during equitable distribution. Additionally, any gifted land or property to a partner during a marriage is excluded and cannot be divided.
Properties can be divided before the final divorce.
Since a final decree divorce is not granted immediately, the separated partners can start with an equitable distribution process while waiting for the final decree divorce, or they can agree to certain terms and conditions upon the equitable distribution.
The court can decide the division.
If two partners have trouble splitting their marital properties, the court can intervene and divide the properties at a fair market value. The date of separation is considered while dividing the property.
There are vital things that a person should know about equitable distribution after divorce so that they are aware of the legal procedure that they will go through. Although an attorney’s help throughout the case is needed since some partners might try to perform a fraudulent activity. In such cases, the attorney will ensure that you get a fair share.