Why is reaching an equitable property settlement in divorce so complicated? In the interest of being fair to both spouses, family courts in Charlotte, North Carolina, delve deeply into the couple’s finances. Often, this is the best way for judges to identify a settlement that meets the financial needs of both parties.
It is reasonable to want to know what is happening during the property division stage of your divorce. However, you must stop believing in the myths surrounding equitable distribution. Once you do that, you can begin to understand how property division works.
The most harmful myth about equitable distribution
Do you know that if neither spouse files a claim for the equitable distribution of marital property, the court will not intervene? Most people believe equitable property division occurs automatically during a divorce, but that is not the case in North Carolina.
If neither spouse files an equitable distribution claim during the divorce, you and your spouse will keep all property in your separate names. If this sounds like an easy way to escape the complications of property division, think again.
Another thing that happens if no one files for equitable distribution is that jointly owned property stays in both spouses’ names. In other words, you and your spouse will not achieve a clean break because you will still own property together.
Further, not filing a claim means you cannot resolve any marital debts belonging to you and your spouse. For example, if you co-signed for that fancy boat your spouse “had to have” you will still be on the hook for its payments.
When your future is at stake, it’s wise to learn more about your options
It is always wise to learn the laws governing divorce in our state but increasing your knowledge of property division laws is particularly critical.