Fair Division of Property
If you are beginning the divorce process, you may be concerned about how much of your shared property and which particular items will be in your possession after your divorce is finalized. During a divorce, shared property is split between spouses in a legally-binding document or decision. Sadly, the split is not always fair, and sometimes one party is left with the short end of the stick. However, by working closely with a Raleigh divorce attorney, you can fight to see that both parties leave the marriage with their fair share of assets.
Equal vs. Equitable Property Distribution
It is important to remember that equal distribution of property is not the same as equitable distribution:
- Equal distribution: Property is divided 50/50 between spouses based on its financial value
- Equitable distribution: Property is divided based on what the two spouses and their legal advisers believe is fair, which may not always take into consideration an item’s financial worth
Splitting your assets based on their financial value is not always a truly fair or equal method of property division. For example, a jointly-owned pet may be more emotionally valuable to one spouse than the other. Therefore, the first spouse may rather leave the divorce with possession of the pet rather than the dining room furniture. In a different instance, a stay-at-home spouse who must now re-enter the workforce at a lower-paying job may be awarded more property to compensate for this sudden change in quality of life.
To ensure the fair distribution of your property after a divorce, contact the Raleigh divorce lawyers of Marshall & Taylor PLLC today at (919) 833-1040.