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With so many “wants”, it can be difficult to spend only on “needs” and to be diligent about putting money aside as part of a retirement investment plan. Now consider how divorce may affect that investment plan? Suddenly you may have only half of what you’ve saved.
For over two decades, claims for the identification, classification, valuation and equitable distribution of property have become the most complex financial issues that have to be addressed when people separate. And thus, Equitable Distribution has become one of the most challenging areas in family law today.
Equitable Distribution is the process by which the Court identifies, classifies, values and distributes property among two people who are or have been married.
If you and your spouse are able to agree about the division of your property, then your arrangement will be documented with a separation agreement. If you are unable to agree, it will be necessary for you to go to court.
Upon application of a party, the Court shall determine what is the marital property and shall provide for an equitable distribution of the marital property between the parties in accordance with the provisions of this section.
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North Carolina family law recognizes legal separation provided that the separation agreement is in writing and acknowledged by both parties before a certifying officer.
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