Equitable Distribution in North Carolina
North Carolina is an “equitable distribution” state. This means an equal division of all marital property is typically considered “equitable” although the court may consider factors that may make an equal division inequitable.
Marital property includes all property acquired from the date of marriage to the date of separation – with the exception of property that was inherited by or gifted to a particular spouse by a third party. Gifts between spouses are marital property. Property is presumed to be marital property if it was acquired during the marriage regardless of which spouse has his or her name on the title.
Debts are also classified and distributed in an equitable distribution matter and may be classified as separate or marital debts. Marital debts are debts incurred during the marriage and prior to the date of separation which were incurred for a joint or marital purpose.
The law regarding equitable distribution in NC is complex and extensive. The family law attorneys at WFLG can provide consultation and guidance in evaluating your assets and liabilities for equitable distribution purposes.