Property Division

 A. In North Carolina the process of dividing the property and debts of a marriage is called Equitable Distribution.

 Q. When should I make a claim for equitable distribution of marital assets?

 A. At any time after separation but before an absolute divorce, a husband and wife may file a claim for equitable distribution.

 Q. If I am already divorced, can I make an equitable distribution claim?

 A. It is worth repeating that a divorce bars your right to file a claim for equitable distribution unless you have a pending claim at the time of the divorce.

 Q. What is the Equitable Distribution process in North Carolina?

 A. First, property is identified, next the property is valued as of the date of separation, and finally the property is distributed.

 A. Property is identified as either marital or separate property, valued as of the date of separation, and finally the property is distributed.

 A. "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.

 A. "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.

 A. There is an equal division of marital property unless the 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.

 A. The Court considers twelve factors to determine distribution of property:

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

 A. The 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.

 Q. If I am receiving alimony and child support, does that affect the distribution of property?

 A. No. Child support and alimony are separated from equitable distribution.

 Q. Can pensions and retirements be divided?

 A. Pensions and retirement funds are considered marital property (and often very valuable) and consequently subject to division.