equitable distribution

Equitable distribution is a legal concept in North Carolina that refers to the division of marital property and debts between spouses during a divorce. Unlike community property states, which typically divide marital property equally between spouses, North Carolina follows the principle of equitable distribution, which means that marital property and debts should be divided fairly and equitably, but not necessarily equally.

Under North Carolina law, marital property generally includes all assets and debts acquired by either spouse during the marriage, except for certain types of property, such as gifts or inheritances received by one spouse. Before the court can divide marital property, it must first classify the property as marital or separate.

Once the court has classified the property, it will then consider a variety of factors in determining how to divide the marital property and debts, such as the duration of the marriage, each spouse's income and earning potential, the contributions of each spouse to the marriage, and any other relevant factors. The court will strive to make a fair and equitable division of the marital property and debts, taking into account all of the relevant circumstances of the case.

In North Carolina, a party may file for equitable distribution as part of a divorce action or as a separate civil action after separation or divorce. It is important to note that there are specific deadlines for filing an equitable distribution claim in North Carolina.