Property that is acquired and shared by partners during a marriage must be fairly divided upon divorce. Equitable distribution is the legal term for dividing marital debts and assets in a separation and divorce. Splitting up assets, property, and debt fairly may seem like an overwhelming task, but our team at Gantt Family Law can help.
NORTH CAROLINA PROPERTY DIVISION LAW
Marital vs. Separate Property: When looking at what can be divided by the court, property must first be classified as marital or separate. Marital property is everything acquired or earned during a marriage, between the dates of marriage and separation. Separate property is everything that each spouse brought into a marriage, which remains in the sole ownership of each respective spouse, or property obtained after the date of separation.
Equitable: Equitable does not mean equal in all cases. A 50/50 division of marital property is a presumption that can be rebutted, depending on your particular circumstances. Courts take into many factors, including the duration of the marriage, the income and property of each spouse, child custody, and more.
You need an advocate who understands North Carolina’s equitable distribution laws. Gantt Family Law is experienced in handling a wide range of marital asset and debt types. Additionally, we work closely with financial and business professionals who can help provide an accurate valuation of any businesses you have a stake in. If you and your spouse are separating or obtaining a divorce, we can assist you in diving your property.
Watch Richard's vlog entry about property division.
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