Difference between revisions of "Equitable Distribution"
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===Marital=== | ===Marital=== | ||
"Marital Property" includes any property or asset acquired during the marriage before the [[separation date]],<ref name="maritalproperty">[https://www.ncleg.net/enactedlegislation/statutes/html/bysection/chapter_50/gs_50-20.html50-20(b)(1) §50-20(b)(1)]. "Marital property" means all real and personal property acquired by either spouse or both spouses during the course of the marriage and before the date of the separation of the parties, and presently owned"</ref> except for property acquired by inheritance or gift.<ref name="maritalproperty">[https://www.ncleg.net/enactedlegislation/statutes/html/bysection/chapter_50/gs_50-20.html50-20(b)(1) §50-20(b)(2)]. "Marital Property...except property which is separate property under subdivision (2) of this subsection... (2)...acquired by a spouse by devise, descent, or gift during the course of the marriage"</ref> | "Marital Property" includes any property or asset acquired during the marriage before the [[separation date]],<ref name="maritalproperty">[https://www.ncleg.net/enactedlegislation/statutes/html/bysection/chapter_50/gs_50-20.html50-20(b)(1) §50-20(b)(1)]. "Marital property" means all real and personal property acquired by either spouse or both spouses during the course of the marriage and before the date of the separation of the parties, and presently owned"</ref> except for property acquired by inheritance or gift.<ref name="maritalproperty">[https://www.ncleg.net/enactedlegislation/statutes/html/bysection/chapter_50/gs_50-20.html50-20(b)(1) §50-20(b)(2)]. "Marital Property...except property which is separate property under subdivision (2) of this subsection... (2)...acquired by a spouse by devise, descent, or gift during the course of the marriage"</ref> Marital property includes things like pensions and retirements. Marital property can even include a Christmas bonus that has not been paid yet, but were earned during the marriage.<ref name="maritalproperty"/> Most of the time, most property and debt is "marital," regardless of which spouse's name is on the account or title. | ||
Revision as of 18:00, 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] but before the court signs a divorce decree.[2] Since you have to live in separate homes for at least one year before filing for a divorce decree,[3] there is always at least a one-year window to pursue equitable distribution. If the court signs a divorce decree before any equitable distribution claims are filed, both spouses will own whatever property is in their name.
Step 1: Categorization
The first step a court makes is to categorize property as either "marital", "divisible", or "separate".
Marital
"Marital Property" includes any property or asset acquired during the marriage before the separation date,[4] except for property acquired by inheritance or gift.[4] Marital property includes things like pensions and retirements. Marital property can even include a Christmas bonus that has not been paid yet, but were earned during the marriage.[4] Most of the time, most property and debt is "marital," regardless of which spouse's name is on the account or title.
Divisible
Separate
Value
Distribution
Contact an Attorney
This wiki is provided by North Carolina divorce lawyer David King and his firm King @ Law. You can learn more about King @ Law at www.kinglawnc.com. If you are looking to hire an attorney, have questions, or would like to contribute to this wiki, you can contact attorney King using any of the following methods:
- Schedule a Consultation
- Start a Facebook Chat
- Email: david@kinglawnc.com
- Voicemail: 919 706 5322
References
- ↑ §50-21(a). "At any time after a husband and wife begin to live separate and apart from each other"
- ↑ § 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..."
- ↑ 4.0 4.1 4.2 §50-20(b)(1). "Marital property" means all real and personal property acquired by either spouse or both spouses during the course of the marriage and before the date of the separation of the parties, and presently owned" Cite error: Invalid
<ref>tag; name "maritalproperty" defined multiple times with different content