EQUITABLE DISTRIBUTION

WE WILL HELP YOU KEEP WHAT IS YOURS

Equitable Distribution (or ED for short) is the process the court uses to divide assets at the end of a marriage. In an action for ED, the Court must first classify property as either marital, separate, or divisible.

Once the Court divides the property into one of the above categories, the court will typically divide the marital and divisible property equally unless they find that an unequal distribution is necessary. The separate property will stay in the possession of whatever party owns it.

Equitable distribution is a very complex process that requires the skill of a knowledgeable attorney to untangle. In order to make sure your assets are protected in a divorce or separation you need to consult an attorney that understands the process. If you are going through a separation or divorce, it is best to consult a professional you can trust. You’ve worked hard to earn the life you’ve built, so call the law firm of SeiferFlatow today at 704-512-0606 and set up a consultation so we can help you protect yourself.

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WHAT IS MARITAL PROPERTY?

“Marital property” is any real (meaning land or buildings) or personal property acquired by either spouse or both spouses during marriage and before the date of separation. This would include gifts from one spouse to the other, gifts from other people to both spouses, personal injury recoveries during the marriage, etc. “Marital property” goes through equitable distribution and is divided.

WHAT IS SEPARATE PROPERTY?

“Separate property” includes all real and personal property acquired by a spouse by bequest, devise, descent, or gift during the course of the marriage. A gift from one spouse to the other during the marriage is marital property unless the donor states at the time of the conveyance that it is intended to be separate property. Separate property also includes income from separate property and property obtained in exchange for separate property.

WHAT IS DIVISIBLE PROPERTY?

“Divisible property” includes all property that was obtained during this time period so long as it was acquired as a result of the “efforts of either spouse during the marriage and before the date of separation.” An example of this would be a bonus that is received after the date of separation but came from a job that the spouse had during the course of the marriage. “Divisible property” is treated the same as “marital property” and is divided between the spouses in ED.

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EQUITABLE DISTRIBUTION

WE WILL HELP YOU KEEP WHAT IS YOURS

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