What is equitable distribution?
North Carolina is an equitable distribution state. There shall be an equal division. This is referred to as a “50/50.” Although that would lead you to believe division of assets is far more simple than it is. The court will determine the net value of marital property and net value of divisible property in the event the court determines that an equal division is not equitable. The court shall consider all of the following factors when determining the property distribution.
Without the guidance of an experienced family law attorney, you may lose your most prized possessions.
Factors Determining Equitable Distribution in North Carolina
- The income, property, and liabilities of each party
- Any obligation for support arising out of a prior marriage
- The duration of the marriage and the age and physical and mental health of both parties
- The need of a parent with custody of children of the marriage to occupy or own. the marital residence and to use or own its household effects
- The expectation of pension, retirement, or other deferred compensation rights that are not marital property
- Any direct or indirect contribution made by one spouse to help educate or develop the career potential of the other spouse
- Any direct contribution to an increase in value of separate property which occurs during the course of the marriage
- The tax consequences to each party that would have been incurred if the marital and divisible property had been sold or liquidated on the date of valuation
- Acts of either party to maintain, preserve, develop, or expand; or to waste, neglect, devalue or convert the marital property or divisible property, or both, during the period after separation of the parties and before the time of distribution
- Any other factor which the court finds to be just and proper
Some property may be determined as separate property and can be excluded from the equitable distribution process. Separate property means all real and personal property acquired by a spouse before marriage or acquired by a spouse by bequest, devise, descent, or gift during the course of the marriage.
Durham Equitable Distribution Lawyer
Divorces intended to be amicable often don’t work out to be. Family heirlooms and your favorite possession may be sought as punishment from a bitter spouse. Don’t put yourself through to torment. The Law Firm of John C. Fitzpatrick has been helping the people of Durham with equitable distribution issues for more than a decade and is prepared to help you through this difficult time.