During the course of marriage, couples acquire assets and debts that are referred to as marital property. Upon separation or divorce, decisions must be made as to how the marital property will be divided. In North Carolina, this property division is called “equitable distribution.” After classifying the property, the court will provide for an equitable distribution of the marital and divisible property. Equitable distribution is intended to be a fair method of dividing the property between the spouses.
There are three classifications of property: separate, marital, and divisible. Separate property is property that existed prior to the marriage or acquired by bequest, devise, descent, or gift during the course of the marriage. Marital property is all property that was acquired during the course of the marriage until the date of separation. Divisible property is defined as all appreciation and diminution in value of marital property occurring after the date of separation and prior to the date of distribution.
The division of all marital property between the spouses will be equal, unless the court determines statutory factors exist that would make an equal division of the property inequitable.
Property division (equitable distribution) in a separation or divorce can be a complicated, complex process. Allow Jerkins Family Law to handle the details and assist making this process as easy as possible for you. JFL will take time in accurately identify, classify, and value your property to ensure that you retain your property and receive a fair distribution of the marital estate.