Difference between revisions of "Equitable Distribution"
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<tr><td style="padding-right:10px"><b>Statute</b>:</td><Td>[https://www.ncleg.net/enactedlegislation/statutes/html/bysection/chapter_50/gs_50-20.html N.C.G.S. § 50-20]</td></tr> | <tr><td style="padding-right:10px"><b>Statute</b>:</td><Td>[https://www.ncleg.net/enactedlegislation/statutes/html/bysection/chapter_50/gs_50-20.html N.C.G.S. § 50-20]</td></tr> | ||
<tr><Td style="padding-right:10px"><b>Description</b></td><Td>How property and debt are distributed between the spouses</td></tr> | <tr><Td style="padding-right:10px"><b>Description</b></td><Td>How property and debt are distributed between the spouses</td></tr> | ||
<tr><td style="padding-right:10px"><b> | <tr><td style="padding-right:10px"><b>Takeaway</b></td><Td>Most of the time, most property/debt is divided 50/50, regardless of which spouse is on the title.</td></tr> | ||
</table> | </table> | ||
'''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. | ||
Revision as of 16:19, 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 cannot file a lawsuit for equitable distribution until after you and your spouse live in different homes (see Date of Separation).[1]
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
- ↑ Test