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.
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.
The Wake County Court considers twelve factors to determine distribution of property:
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.
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:
Qualified Domestic Relations Order (QDRO)
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.