Equitable Distribution is the division of property and debt acquired during the marriage. In North Carolina, equitable distribution law presumes that a 50/50 split of marital property and debt is the most equitable division. Marital property is property that is acquired by one or both spouses during the duration of the marriage through the date of separation, but does not include gifts or inheritance.
Property division can be decided by the parties instead of a judge via a separation agreement or consent order. While the judge will presume a 50/50 split is most equitable he can consider other factors in deciding the property split including the need for the minor children to remain in the family home and the earning potential of the parties.
Many people believe that there is not enough property to fight over, but consulting with an attorney is the only way to guarantee protecting property that is rightfully yours, including retirement benefits of your spouse. If you need advice about equitable distribution contact us today.