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Preparing Your Equitable Distribution Inventory

In Separation & Divorce, Wealth by Sarah Hink

When a couple ends their marriage, they must undergo the important process of dividing their property before they can move forward into their separate futures. In North Carolina, this process is conducted by equitable distribution, which involves the court dividing the fair market value of all marital property between the spouses. This process can be a legitimate tug-of-war with each spouse operating under a sincere belief that they are entitled to more property than the other. Because there is so much at stake, it is critical to seek the advice of an experienced family law attorney when it comes to equitable distribution. An attorney can help you with taking the necessary steps to preserve your legal rights, to properly classify property, and to use accepted methods to appraise property—all so …

Equitable Distribution Affidavits

In Separation & Divorce by Elizabeth Stephenson

When couples separate with the intention of divorcing, dividing property can be one of the most time consuming tasks and a source of ongoing litigation. North Carolina is an equitable distribution state. This means that when the issue of property division is brought before a court, the court looks at all marital property and makes an equitable division between the former spouses. One of the first steps in a property division case is for parties to identify their property for the court. This is done by submitting equitable distribution affidavits to the court. What is an Equitable Distribution Inventory? The North Carolina General Statutes provide that “Within 90 days after service of a claim for equitable distribution, the party who first asserts the claim shall prepare and serve upon the …

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Securing Marital Property During a Divorce

In Separation & Divorce by Elizabeth Stephenson

The period of separation and divorce is like an emotional tsunami. Few people are prepared to the highs and lows of the experience, which is a time of incredible confusion and stress. Unfortunately, there are people who do not handle their emotions well, or who simply make bad decisions during this time. An example of this is when a spouse intentionally wastes or destroys marital property in order to punish the other spouse. Also known as the dissipation of marital property, the North Carolina General Statutes allow for a court to consider “Acts of either party to maintain, preserve, develop, or expand; or to waste, neglect, devalue or convert the marital property or divisible property.” As part of its equitable division, the court can then enter an order that gives …