Equitable Distribution is the process by which property, assets, and debts are divided and distributed following a dissolution of marriage. Generally, any asset or debt acquired by spouses during their marriage is subject to equitable distribution by the Court. This includes:
- Bank accounts
- Retirement accounts
- Credit card debts
- Student loans
- Household goods
There are exceptions and certain assets or debts that may not be subject to equitable distribution, such as items acquired during a marriage by inheritance or gift. Each equitable distribution case is unique and with the help of a knowledgeable Charlotte equitable distribution lawyer here at Miller Bowles Cushing, we can help you achieve an equitable and fair distribution of your marital assets and debts.
Equitable Distribution Basics
Many North Carolinian's assume that they receive one-half of each individual asset or debt under equitable distribution, which is not correct. The Court is charged with distributing all marital assets and debts equally, unless it determines that an equal division is not equitable. The Court can use distribution factors, such as duration of the marriage or any direct or indirect contribution made by one spouse to help educate or advance the career of the other spouse, to divide the marital estate equitably rather than equally. Either spouse can also ask the Court to award him or her a larger share of the marital estate.
If your spouse has control over most of the marital assets and you do not have adequate resources to sustain throughout your separation, you have the right to ask the Court to award you an “interim distribution” of marital assets. Interim distributions are awarded to spouses unless the other spouse can show the Court good cause for not doing so.
To learn whether you have a claim for equitable distribution, or an interim distribution, call (704) 810-1400 and consult a Charlotte equitable distribution lawyer from our team here at Miller Bowles today.
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