Equitable Distribution

In North Carolina, the process for dividing up personal property and real estate is called Equitable Distribution. This process is based on the thought absent proof to the contrary, the parties divide their property equally, regardless of the reason they are getting divorced. In order to divide property, a complete inventory of all assets and debts held by the parties, either jointly or individually must be determined. Property owned before the marriage may not be divided, depending on the facts that occurred during the marriage.

Typically, the court doesn't consider property that was given as gifts or inheritance received by one spouse regardless of whether it was received during the time of marriage or before.

There are serious and harmful tax considerations that must be considered when dividing property. It is important to seek the advise of an accountant as well as a lawyer for these matters.

Please call us at 828-283-0068 or send us an email to arrange a time to meet with our lawyer.