NC: Property Division
The division of property and debt in North Carolina is based upon the North Carolina laws of equitable distribution. The North Carolina statutes provide that property and debt incurred during the marriage must be divided fairly between each of the parties. While this does not automatically mean that property and debt will be divided equally, the law does provide that equal division is the presumption. You must convince a court to divide the property unequally, and a court may only consider the circumstances set forth in the statutes as factors ordering an unequal division.
Marital property in North Carolina is defined as:
- Property and debts acquired after the date of the marriage;
- Property and debts acquired prior to separating from one’s spouse;
- Property and debts that exist on the date of separation.
Common questions we hear from people who are separating, and divorcing are:
- Who gets the house, or will we have to sell the house or homes after the divorce?
- Who pays the mortgage after the separation?
- What will happen to other investments?
- How will we divide our retirement accounts, pensions, 401K plans, stocks, or other assets?
- Who is responsible for the credit card debts?
- What will happen to our family-owned business?
Every family’s portfolio is unique. It is best to consult with an attorney prior to separation to discuss the possible outcomes of your situation before you make any unilateral or rash decisions. You could live with the consequences of an ill-informed decision for a long time. Take the time to inventory all the property and debts both you and your spouse hold and come in for a consultation with one of Touchstone Family Law’s experienced attorneys.Back