What is an equitable distribution of assets?

An equitable distribution of assets is a way of dividing up the assets during a collaborative divorce in North Carolina. This is based on a division of the marital assets that is fair and equitable to both parties, after taking into consideration various factors such as the length of the marriage, the contributions of each party to the marriage, and the current needs and financial resources of each party. The Fair Division Act of 1983 is the law that deals with equitable distribution of assets during divorce proceedings in North Carolina. The main principle of equitable distribution is that the assets are to be divided in a fair and balanced manner regardless of who purchased or acquired the asset. This means that the distribution should be done in an equitable fashion so that each spouse receives the assets that are appropriate for them to move forward with their life. The court will consider numerous factors when determining the equitable distribution of assets, such as each party’s income, age, health, and custody of any children. The court will also consider the amount of assets that each party has in their possession as well as any debts that may be owed. The court will review evidence such as tax returns, financial statements, and any other documents that may be relevant to the situation. Once the court has taken into consideration all the relevant factors, they will make a decision on how the assets should be divided. This division will be based on what the court determines to be fair and equitable for both parties. The court will also provide details on how the assets will be divided, such as who will receive what and how the assets will be transferred.

What is an equitable distribution of assets?

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