Property Division

If you are planning to get a divorce in North Carolina you will want to have an idea of what property you will be able to keep and what you will have to split with your spouse, in addition to who will be responsible for marital debt.

North Carolina’s property division law is based on equitable distribution. This means that the court will divide up your property in a way that is fair to all parties. The equitable distribution law makes the presumption that a 50-50 division of the marital property will be equitable.

Marital property includes both assets and debt acquired during the marriage until the date of separation. This also includes retirement benefits and pensions or other deferred compensation that have been earned during the marriage. Separate property is property that was owned before the marriage,inherited, gifts from someone other than the spouse, or acquired after the separation.

IMPORTANT

Marital property includes both assets and debt acquired during the marriage until the date of separation. This also includes retirement benefits and pensions or other deferred compensation that have been earned during the marriage.

Dividing Property

There are three steps to the equitable distribution process.

1. Classification

This is where the court distinguishes between marital and separate property.


2. Valuation

The court will assign a fair market value to each piece of marital property.

3. Distribution

Property will be distributed equally.

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Factors Considered in Property Division

In order to split the marital property equitably, the court will consider a number of factors. These include the length of the marriage, age and health of the spouses, income, assets and liabilities. The court will also consider tax consequences when necessary to ensure that the division is fair. Marital misconduct or having an affair will not typically impact how the court divides the martial property. With that being said, having an affair may impact alimony payments.

You can read the law on division of property and alimony in the North Carolina General Statutes Sections 50-20 and 50-16.3, respectively. Subsection 50.16.1(A)(3) of these same statutes outlines acts that fall under “marital misconduct.”

 

 

Source:

1. https://www.divorcesource.com/ds/northcarolina/north-carolina-property-division-4751.shtml
2. https://www.divorcenet.com/resources/divorce/marital-property-division/north-carolina-divorce-dividin