Upon a parties’ separation, the right to equitable distribution of marital property is an important part of the process for all involved. For equitable distribution to work both parties need to be able to reach an amiable agreement. If both parties are unable to reach an agreement on the distribution of assets, the court can get involved.
For 20 years, the professionals at Alexander & Doyle have been helping clients determine the differences between marital property and separate property to help ensure an even distribution during a separation or divorce.
The Difference Between Marital & Separate Assets
When trying to figure out how to divide belongings during a divorce it is important to understand that the court may only rule over certain assets. The two types of property a court will classify include:
Marital Property
All property titled in the names of both parties, meaning most purchases made during the marriage and before the separation is actually viewed as shared property in the courtroom.
Separate Property
Of course an individual is entitled to what is considered their separate property. This can range from a gift from a source other than the other party in the separation, items purchased during the marriage by bequest, items inherited by descent and more.
Contact Our North Carolina Law Firm for Equitable Distribution Assistance
The attorneys at Alexander & Doyle, P.A. are experienced in working with clients on property distribution, child custody, alimony and other facets of family law.
Give us a call today at 919-380-1001 or fill out our contact form below for a consultation.
Frequently Asked Questions
What happens to property I owned before the marriage?
Property you owned before marriage is generally considered separate property and remains yours. However, if marital funds were used to improve or maintain the property during the marriage, or if your spouse’s name was added to the title, it could become marital property or subject to claims for reimbursement.
If I inherited money during the marriage, does my spouse have any claim to it?
Inherited property is typically separate property that belongs only to you. However, if you deposited inherited money into a joint bank account or used it to purchase marital property, it could become “commingled” and potentially subject to division. It’s important to keep inherited assets separate from marital assets.
Can we divide our property ourselves without going to court?
Yes, if both parties can reach an amicable agreement on property division, you can include these terms in a separation agreement. This is often faster, less expensive, and allows you more control over the outcome than having a judge decide. However, it’s advisable to have attorneys review any agreement before signing.
