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Raleigh Distribution of Assets, Debts, and Personal Property (Equity Distribution)

In North Carolina the process of dividing the property and debts of a marriage is called Equitable Distribution in Raleigh, NC. At any time after separation in Wake County but before an absolute divorce in Raleigh, a husband and wife may file a claim for Raleigh equitable distribution. However, a Raleigh divorce bars your right to file a claim for equitable distribution unless you have a pending claim at the time of the Raleigh divorce.

The Raleigh Equitable Distribution: The Law Corner

First, property is identified. Next the Wake County property is valued as of the date of separation. And finally, the Raleigh property is distributed. Property is identified as either marital or separate property, valued as of the date of separation.

Raleigh Marital Property means all real and personal property acquired by either spouse or both spouses during the course of the marriage and before the date of the separation of the parties, and presently owned.

North Carolina Separate Property means all real and personal property acquired by a spouse before marriage or acquired by a spouse by bequest, devise, descent, or gift during the course of the marriage. However, property acquired by gift from the other spouse during the course of the marriage is considered separate property only if the intention is stated in the conveyance. Property acquired in exchange for separate property remains separate property regardless of whether the title is in the name of the husband or wife or both and shall not be considered to be marital property unless a contrary intention is expressly stated in the conveyance. The increase in value of separate property and the income derived from separate property is considered separate property. All professional licenses and business licenses, which would terminate on transfer is be considered separate property.

There is an equal division of marital property unless the Wake County court determines that an equal division is not equitable. If the court determines that an equal division is not equitable, the court will consider several factors to divide the marital property equitably.

North Carolina Laws for Unequal Distribution of Property

The Wake County Court considers twelve factors to determine distribution of property:

  1. The financial state of the parties at the time of distribution,
  2. Any prior marriage support obligations,
  3. The duration of the marriage and the age and physical and mental health of both parties,
  4. The need of a parent to occupy the marital residence and use the household effects for the care of the children of the marriage,
  5. Any pension, retirement, or other deferred compensation rights that are not marital property,
  6. Any contribution made to the acquisition of marital property by the party not having title,
  7. The contribution made by one spouse to help educate or develop the career potential of the other spouse,
  8. Any direct contribution to increase the value of separate property, which occurs during the course of the marriage,
  9. The ability to liquidate the marital property,
  10. The difficulty of evaluating an interest in a business and the economic desirability of retaining that interest,
  11. The tax consequences to each party,
  12. Any other factor that the court finds to be just and proper.

In North Carolina, property includes both assets and debts, including credit card debt, acquired during the marriage, and owned on the date of separation.

The Wake County Court is required to fix the net value of the marital property as of the date of separation, which is the fair market value less the amount of any encumbrances. It may be necessary to hire an appraiser or other professionals to place a value on property.

It’s important to note that Raleigh child support and Raleigh alimony support are separated from Raleigh equitable distribution. Pensions and retirement funds are considered marital property  (and are often very valuable) and consequently are subject to division.

Contact The Law Corner About Equitable Distribution

For more information about Raleigh Equitable Distribution, contact a Raleigh Family Law Attorney at The Law Corner. The Raleigh Divorce Attorneys can give you the information you need about Wake County Equitable Distribution and help you file your claim before it is too late. Contact The Law Corner at 919-424-8319 for more information or to schedule a consultation with an experienced Raleigh Divorce Lawyer.

The Law Corner divorce attorneys in Raleigh can help explain the divorce process to you and help you with other divorce related issues, to include, but not limited to, the following:

Raleigh Mediation Attorney

Bankruptcy & Divorce in North Carolina

Raleigh Credit Card Debt & Divorce Attorney

Raleigh Uncontested or Absolute Divorce Attorney

Raleigh Collaborative Law Attorney

Raleigh Equitable Distribution of Property Lawyer

Raleigh Alimony and Spousal Support Lawyer

Raleigh Prenuptial and Postnuptial Agreements

Raleigh Domestic Violence, Stalking and Harassment

Raleigh Legal Separation & Separation Agreements

Qualified Domestic Relations Order (QDRO)

Child Support and Modifications Lawyer in Raleigh

Child Visitation and Rights Attorney in Raleigh, NC

Abuse, Neglect & Dependency

Self-Help Clinic in Raleigh, NC

The Law Corner Attorneys help people all over Wake County to include the following areas: Knightdale, Wake Forest, Raleigh, Morrisville, Apex, Wendell, Zebulon, New Hope, Cary, Rolesville, Fuquay-Varina, Holly Springs, and Garner.

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