How is equitable distribution handled in North Carolina?
There are 3 steps to the process. The first is identification. All property must be identified as either marital or separate property according to the law. The second step is valuation. All marital property must be assigned a fair market value. Fair market value means the price a willing buyer would pay a willing seller for the property. Often, experts and appraisers will help with this step. Valuation is based on the amount the property is worth at the time of separation. The third step is distribution. The courts will distribute the marital property in a fair and equitable manner. In North Carolina, this usually means a 50/50 split between spouses, unless the courts determines that such a split would be inequitable. Equitable distribution is not automatic. You must assert your right to ED, either through an agreement with your spouse, or through the court system. It is a separate action, apart from the actual divorce decree.
