Divorce is not easy. Apart from the emotional toll, a divorce can having lasting financial implications. In North Carolina, title is not controlling. Instead, in the absence of a premarital agreement, property is divided based upon when it was obtained or earned. This is the case with respect to both assets and debts.Is This Marital?
Equitable distribution is the process of dividing property during a divorce. North Carolina General Statute § 50-20 controls. Pursuant to this statute, the Court will divide property (including assets and debts) into martial property, separate property, and divisible property. After the Court has identified these categories of property, the Court will value the property and divide it. This is not a simple process and it is important to have the right attorney assist you with your equitable distribution claim.
Contact Cristina Quantock for more information.