Another trying aspect of divorce revolves around distributing the marital property between separating spouses. This process is known as property settlement or, statutorily, Equitable Distribution.
Marital Property and assets extend beyond houses, furniture and automobiles. Assets of a marriage can include retirement and investment accounts, businesses, professional practices (such as medical practices and dental practices), and military benefits. Generally, property owned prior to your marriage, gifts given solely to you, and inheritances are considered separate property and are not part of the marital estate. However, in some cases, the appreciation in value of this separate property may be classified as marital property.
Distribution of marital debt is the other element of property settlement. Marital debts include mortgages and automobile loans, credit card balances, medical bills and a huge range of other possibilities. Some debts, which can include those pre-existing the marriage, are not generally considered marital debt for the purpose of distribution. Marital debts and assets are not always as obvious as they seem when you are dealing with the day to day work of putting your life on track.
Protecting you from the repercussions of poorly considered agreements over marital property and debt, even in the friendliest of separations, is of utmost importance to Monty Beck. Proper investigation, evaluation and planning are required to ensure all the elements of marital property are considered in the course of your divorce mediation, or brought to the attention of the court. As in all other aspects of family law, mediated settlement and creative problem-solving are encouraged by the family courts in North Carolina. When common ground upon which a practical and fair property settlement cannot be found, Monty is an experienced and professional family trial lawyer.
With personal offices in the Asheville and Franklin branches of the Coward, Hicks & Siler Law Offices, Monty is available and convenient to clients all over Western North Carolina. The laws regarding Equitable Distribution in the State of North Carolina are complex. Before you make an agreement distributing marital assets and debts, consult with an attorney abundantly experienced in family law. Monty Beck is a North Carolina Board Certified Specialist in Family Law.