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North Carolina uses the process of equitable distribution to divide marital property between divorcing spouses. The law presumes that the parties should receive half of the marital assets and debts. However, the law allows for an unequal split of the property in one party’s favor should the Court find that certain factors are present, such as, but not limited to, alimony, where the children are living and one’s ability to earn more income than the other spouse.
The distribution of the parties’ marital and separate property can be resolved through a separation agreement. However, if the parties do not enter into a separation agreement, a lawsuit for equitable distribution must be filed with the court prior to the entry of the parties’ divorce judgment.
Equitable distribution trials can be very complex and it may require experts to place values on the parties’ marital items, like pots and pans and retirement assets. It is highly recommended that you discuss matters of Equitable Distribution with an experienced attorney because the distribution of your assets is one way to protect your future and certainly one way to squander your future should you do nothing.