After a divorce, your life will be significantly different. The vehicle you once jointly owned with your spouse may no longer be in your possession, or you may find yourself searching for a higher-paying job or making the tough decision to downsize to a smaller home. If you are considering divorce, it is important to understand all of the potential outcomes of the division of shared property and assets and to work closely with your divorce attorney to ensure that you and your spouse both leave the marriage with a favorable share.
Division of Property
Division of property, also known as equitable distribution, is the legal division of property and assets between two divorcing spouses. Property division can be achieved through:
- Agreement. Spouses work together to divide their property and then have an attorney oversee and legalize the process.
- Property settlement. A divorce lawyer creates a settlement based on the needs and wishes of both parties. Once both spouses can agree on its provisions, it is signed and becomes legally binding.
- Judicial decree. If spouses cannot reach a property division agreement and the divorce has been drawn out for an extended period of time, they may opt for a judge to make the final decision about property division.
Division of property can become one of the most time-consuming and emotionally-trying aspects of a divorce. Our experienced Raleigh divorce lawyers work closely with each of our clients to ensure that they receive a fair settlement. To learn more, contact the Marshall & Taylor PLLC today at (919) 833-1040.