Property Settlement
A common refrain that attorneys hear during the divorce process is: “I earned all the money during the marriage, so why should I have to give my ex half of everything I own?” Employment income that is earned during the marriage and before the date of separation is considered marital income, regardless of which spouse earned it. North Carolina equitable distribution laws are based upon the concept that marriage is a partnership in which both…
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Under North Carolina law, “marital” debt is considered debt that is incurred after the date of marriage and before the date of separation by one or both spouses for the joint benefit of the parties. The fact that debt is established in the name of one spouse individually does not determine whether the debt is a marital debt or a separate debt for purposes of equitable distribution of the marital and divisible property and debts.…
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When spouses separate, there may be many legal issues that arise in connection with their marital separation, including child custody, child support, spousal support, and equitable distribution of marital property and debts, as well as the actual “absolute” divorce. Divorcing spouses often look for ways to reduce their legal expenses and may wonder if they can use one attorney to prepare their separation agreement and/or obtain their divorce. In North Carolina, the answer is “no.”…
Read This Article >>In actions for equitable distribution, North Carolina law requires that the court distribute the net marital and divisible property equitably between the parties. Equitably, however, does not mean equally. There is a presumption that an equal division of marital and divisible property is equitable, or fair. However, depending on the circumstances of the case, there are numerous factors that the court can consider in distributing the marital estate unequally between the parties. Some of those…
Read This Article >>In North Carolina, the court ordered or agreed-upon division of assets and debts that occurs when spouses separate is called equitable distribution. For purposes of equitable distribution, the parties’ marital assets and debts are valued as of the date of separation. The value of property is determined based upon the fair market value. Fair market value is considered an estimate of the amount in which a willing buyer would pay, and a willing seller would…
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