Difference between revisions of "Equitable Distribution"
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'''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. | '''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 | ==When Can a Lawsuit be Filed== | ||
You can file a lawsuit for equitable distribution anytime 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="fiftyeleven">[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> Since you have to live in separate homes for at least one year before filing for divorce,<ref>[https://www.ncleg.net/enactedlegislation/statutes/html/bychapter/chapter_50.html § 50-6]. "...if and when the husband and wife have lived separate and apart for one year..."</ref> this provides a minimum of a one-year window to file a lawsuit for equitable distribution. There are some rare situations, where equitable distribution lawsuits can be filed after the divorce decree is signed, if the divorce decree was obtained using unusual or improper service of process.<ref name="fiftyeleven"/> | You can file a lawsuit for equitable distribution anytime 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="fiftyeleven">[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> Since you have to live in separate homes for at least one year before filing for divorce,<ref>[https://www.ncleg.net/enactedlegislation/statutes/html/bychapter/chapter_50.html § 50-6]. "...if and when the husband and wife have lived separate and apart for one year..."</ref> this provides a minimum of a one-year window to file a lawsuit for equitable distribution. There are some rare situations, where equitable distribution lawsuits can be filed after the divorce decree is signed, if the divorce decree was obtained using unusual or improper service of process.<ref name="fiftyeleven"/> | ||
Revision as of 16:35, 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 Can a Lawsuit be Filed
You can file a lawsuit for equitable distribution anytime 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.[2] Since you have to live in separate homes for at least one year before filing for divorce,[3] this provides a minimum of a one-year window to file a lawsuit for equitable distribution. There are some rare situations, where equitable distribution lawsuits can be filed after the divorce decree is signed, if the divorce decree was obtained using unusual or improper service of process.[2]
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.
Marital
Divisible
Separate
Value
Distribution
Citations
- ↑ §50-21(a). "At any time after a husband and wife begin to live separate and apart from each other"
- ↑ 2.0 2.1 § 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..."
- ↑ § 50-6. "...if and when the husband and wife have lived separate and apart for one year..."