|The division of property in North Carolina is referred to as Equitable Distribution. This does not necessarily mean that the property division is to be equal, although an equal division is usually presumed to be equitable. The lawyers at Everett Law Firm, P. A. can assist you in evaluating your financial situation, including assets and liabilities as well as determine a course of action that best suits your situation.Sometimes property division can be resolved consensually in a Property Settlement Agreement which occurs when the parties mutually decide how to divide their assets and liabilities. This is usually the preferred method of property division as trials on property division can be time consuming and costly. However, sometimes complex issues such as property valuations force parties to litigate these issues.When the matters of Equitable Distribution are decided by the courts in North Carolina, the court shall identify what property is deemed “Marital Property.” Marital Property is all personal and real property acquired by either or both spouses during the marriage and before the date of separation, other than that deemed “Separate Property.”
In North Carolina, Separate Property is property acquired by a spouse before marriage or acquired by a spouse by devise, bequest, descent or gift during the course of the marriage, assuming the gift was intended to be Separate Property. Property shall also be deemed Separate Property if the property is acquired in exchange for Separate Property unless there is a contrary intention.
Determining the type of property held is often a point of contention between spouses and is frequently an issue that must be resolved when litigating Equitable Distribution matters in North Carolina. Everett Law Firm, P. A. is uniquely qualified to assist its clients in determining the nature of their client’s assets. Call today to schedule an initial consultation with an attorney. A small initial consultation fee may apply.