Understanding Property Acquired During Marriage
During a marriage, husbands and wives generally acquire property, whether it’s a home, cars, bank accounts, a business, IRA’s or stock options. North Carolina law provides for the division and distribution of this property. Once a couple has separated, either party may ask the court for an equitable distribution. The court will determine the marital and divisible property of the couple then provide for an equitable distribution.
What Counts as Marital Property?
According to North Carolina General Statute § 50-20, Marital Property is defined as real and personal property acquired by either spouse or both spouses during the course of the marriage and before the date of separation of the parties, and presently owned, except property determined to be separate property or divisible property.
How North Carolina Defines Separate Property
Separate property is defined as 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.
What Is Considered Divisible Property?
Divisible property is defined as: all appreciation and diminution in value of marital and divisible property occurring after the date of separation and prior to the date of distribution, (except that appreciation or diminution in value which is the result of post separation actions or activities of a spouse); all property, property rights, or any portion thereof received after the date of separation but before the date of distribution that was acquired as a result of the effort of either spouse during the marriage and before the date of separation, including but not limited to, commissions, bonuses, and contractual rights; passive income from marital property received after the date of separation, including but not limited to, interest and dividends; and increases and decreases in marital debt and financing charges and interest related to marital debt.
Equitable Distribution in North Carolina
In North Carolina, the division of property between the parties will be equal, unless the court determines that an equal division of property is not equitable.
King Law specializes in family law and is a firm prepared to move forward with any case of equitable distribution. You can be assured you are getting cutting edge representation in every matter, and your equitable distribution case will be given top priority.
