Equitable Division Property Division Explained Under NC Law
Property division in divorce is called equitable distribution in North Carolina, Florida and other states.
From North Carolina comes an article explaining equitable distribution under North Carolina law. Perhaps surprisingly, most of the explanation applies equally well to Florida.
Steps:
- Identification or classification as marital or nonmarital – were nonmarital assets mixed up with marital assets?
- Valuation at fair market value – may require nonlawyer accounting/appraisal experts
- Distribution – presumed to be equal unless the presumption is overcome as inequitable under the circumstances of the case
Fault is largely out of the picture – unless there is economic wrongdoing by a spouse.
Property settlement agreements are generally forever, except in unusual circumstances. So now is the time to speak, not after the divorce.
Read more in this Winston-Salem Journal article: Be wary: Dividing property in a divorce can be easy, or a minefield.
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