Articles Tagged with Equitable Distribution

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Debt in Equitable DistributionFamily court judges are charged with the responsibility of categorizing assets and debts, determining their value, and distributing them in a fair, equitable manner.

That’s how Equitable Distribution works in North Carolina.

And while that may seem rather straightforward or even obvious, such matters can be deceptively complex.

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Equitable Distribution in NCWill Jeff Bezos still be the “worlds richest man” after getting divorced?  Maybe.  A lot depends on whether Bezos and his wife executed a contract that is often referred to as a Prenup or Pre-Nuptial agreement.

Of course, Jeff Bezos may not have been the world’s richest man in the first place.  It’s likely he was a part of the world’s richest couple.

All the money earned at Amazon probably isn’t “his.”  Instead, it’s reasonable to assume the billions from Amazon is theirs.

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Equitable-Distribution-and-Gifts-200x200Can a house be a “gift?”  What is Marital Property? Under the family laws for NC Equitable Distribution and Gifts, a Charlotte home (Denver NC residence) was determined to be marital property in Bond v. Manfredo.

Equitable Distribution involves the classification and distrubution of things like homes, bank accounts, personal property, 529 College Savings Plans, and retirement accounts.  It is relatively complicated and often involves substantial sums of money – Bill Powers, Charlotte Divorce Attorney 

Property distribution as part of a divorce is handled pursuant to North Carolina General Statutes and is not part of Common Law.  Under N.C.G.S. Chapter 50, the family law statute, in handling the equitable distribution of what divorce lawyers may refer to as the “marital estate” or “marital property” (marital assets), the judge is required to follow a 3-step process:

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