Distribution Award


#1

A distributive award is the amount that equalizes the property distributions between the parties. Generally, a distributive award is used when one party ends up with more of the marital assets than the other. If all you have is debt, and there are no assets, then there is nothing to give her. If you are working on a separation agreement, then you can respond that you acknowledge the distributive award, but since you have no assets from which to give her that award, it should be waived. Especially if the house is not a piece of marital property (it should not be included in your calculations if that is the case). Otherwise, you should not sign a separation agreement that obligates you to a distributive award for which you have no way to pay.

Good luck,

Shonnese D. Stanback
Attorney
The Rosen Law Firm
4101 Lake Boone Trail, Suite 200
Raleigh, North Carolina 27607
919.256.1534 direct voice
919.256.1667 direct fax
919.787.6668 main voice
919.787.6361 main fax
NCdivorce.com
email: sstanback@rosen.com

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.


#2

What is distribution award and how can wife get when I do not own house nor does she it is soley owned by my grandmother to which we have paid nothing on and owe 64,000 worth of interest now she is askin for 15,000 which I don’t have marital debt is marital debt and we have agreed to no hold each other against our debts. She has good paying job and I have nothing I am on disability I have no accounts or otherwise means to come up with 15,000 she is asking for.