Under North Carolina law, the courts have the power to divide your marital assets and marital debts. This process is a complex process often referred to as equitable distribution. Parties may wish to divide their assets through the use of property settlement provisions in a separation agreement. Alternatively, parties may wish to resolve their division of assets and debt issues through an alternative dispute resolution process such as mediation or arbitration. Lastly, if parties are unable to come to an agreement on these issues, then they may be left to file a formal action in court to allow a judge to decide.
If you have assets that are subject to your divorce, it is imperative that you seek the advice of an attorney familiar with equitable distribution laws. This is particularly true with larger value assets such as marital homes, pensions or retirement plans or alternatively, significant amounts of credit card debt.
The ability to protect your assets properly is an integral part to a successful resolution in a family law case.