Equitable Distribution

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Equitable Distribution (Property Settlement)

One of the major issues a separating couple faces is how to divide their assets and debts. People sometimes feel that their assets are so intertwined that it would be impossible to separate them, or that dividing their assets would leave them financially vulnerable. Our clients usually find that getting legal advice about how property division works and hearing our ideas about how a division can be achieved in their particular situation alleviates some of the anxiety and stress associated with this issue.

Most couples are able to reach an agreement on how to divide their assets and their debts. Frequently, the terms of the agreement are included in a Separation Agreement and Property Settlement, a private contract between a couple that is enforceable by law. In other cases, the terms of the agreement is set out in a Consent Judgment on Equitable Distribution, a court order that is signed by a judge with the agreement of both spouses without the need for an evidentiary hearing. If a couple cannot reach agreement by negotiation, by

participating in Collaborative Divorce, or through Mediation, a judge will divide the marital property and debts after a trial.

Early in our representation of you, we will ask you to provide us with a complete list of assets and debts held by you and/or your spouse. There may be more than one possible way to separate your assets and debts, and we’ll explore the various options and help you choose the one that most closely meets your goals. In some cases, we’ll recommend that you obtain the advice of a financial or tax specialist to ensure that the division you choose is the most beneficial of the available options.

At Durham Family Law Group, we have assisted hundreds of divorcing individuals through the process of dividing their assets and debts. Call us to schedule an appointment to discuss your particular situation and your options for dividing your finances.

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