Frequently Asked Questions About Equitable Distribution
Many people have questions as they face the divorce process. At Raleigh Divorce Law Firm, we understand how confusing and overwhelming the process can be. Here are some questions we frequently hear.
How Is Property and Assets Divided In A Divorce?
Dividing assets during a divorce can be a very challenging task. North Carolina is an equitable state. This means the court will divide everything – both your property as well as your debts – in an equitable or fair way.
What Is Marital Vs. Separate Vs. Dividable Property?
A court will divide your property based on whether it is marital, dividable or separate.
- Marital property is acquired during the marriage up until separation.
- Separate property is property you owned before the marriage, or that which you gained or lost up after separation.
- Dividable property is property acquired from the date of separation up until date of division.
How Does North Carolina Law Determine Fair And Equitable Distribution?
Marital property in North Caroline is presumed to be divided 50/50, but the courts keep it fair by looking at it holistically, with all assets and debts together. In some situations, the court may give more than half to one party, if the party who believes he or she deserves more than 50% can prove and justify the reason why. Some factors analyzed may include the house the children will reside in and earning potentials.
What Assets Are Divided In Equitable Distribution?
Equitable distribution cases have included these and other elements:
- Retirement assets such as 401Ks, pensions and QDROS
- Family businesses and partnerships
- Hidden assets in offshore bank accounts
- All marital debt