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Distributing property and debts is an important aspect of a divorce in North Carolina. At Routh Law, our team is here to help you achieve a fair, equitable, and reasonable distribution of marital property during divorce proceedings. Our law firm is committed to resolving legal disputes either through negotiation or litigation.
Get Help nowWhen a couple gets divorced in North Carolina, marital assets may be divided by a court through equitable distribution. While there is a presumption that property will be divided 50/50 between each spouse, that is not always the case. Equitable does not necessarily mean equal. Under North Carolina law, there are multiple factors that allow for an unequal distribution of marital property when an equal split would not be equitable.
In equitable distribution, “marital property” will be divided between spouses whereas “separate property” will not be divided. Assets and debts that are acquired during a marriage are generally considered to be marital property, with a few exceptions such as gifts and inheritance. Separate property, on the other hand, typically includes any assets and debts acquired before marriage. “Divisible property” is a third category of property, which is used to describe changes in the value of marital property between the date of separation and the date of that property's distribution.
Under North Carolina law, the equal division of marital property is favored. However, a spouse may request an unequal distribution of property by the court. If a judge finds that the unequal distribution of marital property would be equitable under the circumstances, then the court may award more property to one spouse.
A judge will consider multiple factors when determining whether an unequal distribution is equitable, such as income, debts, the length of the marriage, each spouse’s age and health, the contributions of each spouse to the marital property or assets, and more. Click here for an entire list of factors a judge will consider.
Marital property is any property earned or acquired during the marriage, up to the point of separation. This includes cash, cars, property, pensions and retirement benefits, and all other types of property. However, there are exceptions. Both inheritances and gifts received during a marriage are not divided as marital assets in a divorce.
Separate property is property that was gained or lost before marriage and/or after separation. Both inheritances and gifts received during a marriage will also be treated as separate property. This type of property is not divided in a divorce, since it is not considered to be marital property. A spouse may be able to claim that an asset has both marital and separate property components, if that asset's value actively increased during the marriage.
In North Carolina, divisible property is a term used to describe changes in the value of marital property between the date of separation and the date of that property's distribution.
An interim distribution allows the court to distribute some marital property between spouses before a full division of all assets and debts is finalized, providing access to the funds or property pending the distribution of all remaining assets and debts.
Divorce attorneys can help by working with the client to come to a just, fair, and equitable distribution of property. An attorney can also help with things like interim distribution. Kelly Routh is an experienced divorce attorney, and can assist you as you navigate the complexities of dividing marital assets and debts. Contact Routh Law today to schedule an initial consultation.
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