Property Division - NC
North Carolina views marriage like a partnership where both spouses contribute to it even if in different ways. Therefore, it has enacted the Equitable Distribution Property Act, which presumes that property obtained after the marriage becomes martial property and that it must be divided equally, unless the court determines that an equal division would be inequitable by considering the factors set out in N.C.G.S. 50-20(c).
A claim for equitable distribution of property may be filed by a spouse anytime after separation, but it must be asserted before an absolute divorce is granted. Generally if a claim for equitable distribution is not pending before an absolute divorce is granted, then it is barred. There is no claim for equitable distribution of property after an annulment. Also the parties may decide to execute and acknowledge a binding written agreement setting out the distribution of their marital property instead of filing a claim with the court.
Once a party files a claim for equitable distribution the court will identify the property and debts of the parties. Then it will classify each as either being marital, separate, or divisible (part marital/part-separate) property. After that a net market value will be assessed on each piece of property and the property would then be distributed.
If you would like more information on property division and how it can affect you, please contact us today. Our lawyers have experience in settling property division cases associated with divorce or separation and can bring their experience and knowledge to your case. During this process you deserve to have the best team working on your side and fighting for your assets - we’re ready to be your property division lawyers. Contact us today for a confidential consultation.