Difference between revisions of "Equitable Distribution"
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==When Started or Stopped== | ==When Started or Stopped== | ||
You can file a lawsuit for equitable distribution after you and your spouse begin living in separate homes<Ref>[https://www.ncleg.net/enactedlegislation/statutes/html/bysection/chapter_50/gs_50-21.html#:~:text=(a)%20At%20any%20time%20after,in%20the%20cause%20as%20provided §50-21(a)]. "At any time after a husband and wife begin to live separate and apart from each other"</ref> so long as you | You can file a lawsuit for equitable distribution after you and your spouse begin living in separate homes<Ref>[https://www.ncleg.net/enactedlegislation/statutes/html/bysection/chapter_50/gs_50-21.html#:~:text=(a)%20At%20any%20time%20after,in%20the%20cause%20as%20provided §50-21(a)]. "At any time after a husband and wife begin to live separate and apart from each other"</ref> so long as you file a lawsuit for it before the court signs a divorce decree.<ref name="5011">[https://www.ncleg.net/enactedlegislation/statutes/html/bychapter/chapter_50.html § 50-11(e)]. "An absolute divorce obtained within this State shall destroy the right of a spouse to equitable distribution under G.S. 50-20 unless the right is asserted prior to judgment of absolute divorce..."</ref> There are some exceptions involving divorce decrees secured after an unusual or improper service of process.<ref name="5011"/> | ||
==Categorization== | ==Categorization== | ||
Revision as of 16:30, 11 October 2022
| Equitable Distribution | |
| Statute: | N.C.G.S. § 50-20 |
| Description | How property and debt are distributed between the spouses |
| Takeaway | Most of the time, most property/debt is divided 50/50, regardless of which spouse is on the title. |
Equitable Distribution means the fair distribution of property and debt between the spouses. In most cases, most property and debt of either spouse is divided 50/50, regardless of which spouse is on the title. However, there are many rules and exceptions. Courts determine equitable distribution in three stages: (1) Categorization (2) Value (3) Distribution.
When Started or Stopped
You can file a lawsuit for equitable distribution after you and your spouse begin living in separate homes[1] so long as you file a lawsuit for it before the court signs a divorce decree.Cite error: Invalid <ref> tag; name cannot be a simple integer. Use a descriptive title There are some exceptions involving divorce decrees secured after an unusual or improper service of process.Cite error: Invalid <ref> tag; name cannot be a simple integer. Use a descriptive title
Categorization
Property or debt can be characterized as "marital", "divisible", or "separate". Separate property is the only property that is not divided between the spouses.