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:
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.
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
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