Equitable distribution refers to the process by which a court distributes a married couple’s property upon divorce or separation. For many couples this can be a complex undertaking, requiring the assistance of legal representative. The team at Mercogliano & Associates, PA has years of experience working with individuals and couples in equitable distributions, and thoroughly understands the processes and implications.
A claim for equitable distribution must be filed before the final entry of divorce; otherwise, the claim is lost. There are three stages to the equitable distribution process. The first step involves the classification of the married couple’s property. The court will divide the couple’s property into different categories, such as “marital property” and “separate property.”
Separate property refers to property owned by a spouse before entering the marriage. It also encompasses property that is inherited or gifted to the spouse individually during the marriage. Property that is acquired during the marriage by one or both spouses, other than inherited or gifted property, is generally considered marital property. Marital property is subject to the equitable distribution under the laws of the state. The court cannot, however, divide separate property between the spouses.
The second step the court must take in the equitable distribution process is to place a value on all of the couple’s property. Generally, the court assigns a value equivalent to the fair market value of the property. Appraisers and other property valuation experts are often utilized to assist in this process.
The third and final step of the equitable distribution process is allocation of the property. In North Carolina, it is presumed equitable for a court to distribute property evenly between the spouses. Exceptional circumstances exist, however, where an unequal distribution of the marital property is appropriate. It’s important to consult with an attorney about your equitable distribution process to make sure your distribution is fair and equitable. Contact an attorney at Mercogliano & Associates, PA today to discuss your equitable distribution rights.
We can be reached via email, through our contact form or by phone at 919-552-2501. The Mercogliano & Associates team primarily serves residents of Fuquay-Varina, Holly Springs, Garner, Willow Spring, Dunn, Angier, Coats, Lillington and the surrounding areas of Wake and Harnett counties.