The financial impact of getting divorced can be overwhelming and the thought of dividing property may seem complicated. Having an experienced family law attorney will ensure your financial interests are protected and help you understand how your property should be distributed.
In North Carolina, equitable distribution is the legal process of dividing marital assets and debts upon divorce. While it is presumed that an “equitable” division of property is an equal division (50/50), a court can divide property unequally based on the facts of the case and the various statutory factors set forth in N.C.G.S. § 50-20.
Classifications of Property in North Carolina
Marital Property is all real and personal property acquired by both spouses during the course of the marriage and before the parties’ date of separation. By law, there is a presumption that all property acquired during the marriage is marital property subject to distribution by the court. However, this presumption can be generally be rebutted by showing particular property acquired during the marriage was a spouses separate property.
Separate Property is all real and personal property acquired by either spouse before the parties’ marriage or acquired by either spouse by bequest, devise, descent, or gift during the marriage. Passive increases in the value of separate property are also considered
Divisible Property is any increase or decrease in the value of marital property after the parties’ date of separation.
The experienced attorneys at Parton Buckingham, PLLC will advocate on your behalf to protect your financial interests and property rights. We will work closely with you to identify your marital property and determine a fair division of your property that best suits your needs.
For More Information On Dividing Your Property
To schedule a consultation to discuss the equitable distribution process and better understand your property rights, please contact one of the family law attorneys at Parton Buckingham, PLLC at 704-376-4488.