Basic Rules about Property Division in North Carolina
Property division in North Carolina is called "Equitable Distribution" which lawyers refer to as "ED". Generally, each spouse is entitled to half the value of everything acquired during the marriage.
Who is entitled to EDUnless spouses have signed a prenuptial agreement, each spouse is entitled to ED once they separate from each other. In order to be considered "separated" in North Carolina, the spouses must live in separate residences. So, if you are married, have not signed a prenuptial agreement, separation agreement, or property settlement agreement, you are entitled to ED.
What is EDED refers to provisions in the law that govern how a court will divide assets and debts between spouses who have separated. Spouses can agree to divide their assets and debts pretty much however they would like. But, if they cannot agree, then they will need to file claims for ED in district court in North Carolina.
What does ED entitle a spouse toGenerally, each spouse is entitled to one-half the fair market value of all marital and divisible property. Marital property is anything acquired between the date of marriage of the spouses and the date of separation of the spouses by either or both spouses, with the exception of any inheritance or gift from a third-party. The name on the title to any asset is not relevant. What is relevant is the date the asset was acquired. The court will divide half the net fair market value of all marital property between the parties. Usually such division if done equally. However, a court could choose to divide these things unequally.
What should you do to prepare for an ED caseObviously, you will need to develop a comprehensive list of everything that existed on the date of separation of the spouses that was acquired during the marriage. Then you need to gather any and all documents you can to demonstrate the values of each of those items as of the date of separation of the parties. That is the information you will need to present to your attorney.