Equitable Distribution
Revision as of 16:28, 11 October 2022 by Attorney David King (talk | contribs) (→When Started or Stopped)
| 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 formally assert the claim before the court signs a divorce decree.[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"
- ↑ § 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..."