In a divorce proceeding, one of the most important things the court does is divide property. In North Carolina, the courts provide for an equitable distribution of property between parties and label property marital, separate, or divisible.
Marital property is all real and personal property acquired by either spouse or both spouses during the course of the marriage before the date of the separation. Marital property includes pension, retirement, and other deferred compensation rights. The court presumes that all property acquired after the date of marriage and before the date of separation is marital property. The exception to this is property that the courts deem separate property.
Separate property means all real and personal property acquired by a spouse before marriage or acquired by a spouse by bequest, devise, descent, or gift during the marriage. Any increase in value of separate property or income derived from separate property will be considered separate property by the court.
Divisible property in North Carolina includes:
- the increase or decrease in the value of marital property between the date of separation and the date of division of marital property;
- the property or rights to property which were earned or acquired prior to the date of separation but were not received until after the date of separation;
- the passive income from marital property received after the date of separation but prior to the date of division such as interest and dividends; and
- the interest, financing charges and increases and decreases of marital debt from date of separation to date of division.
The law professionals at the Law Offices of David P. Sheehan can help you divide your North Carolina marital property. Contact an attorney today.
