Divorce Law

What are the Laws in North Carolina about How Marital Property Will be Distributed After Divorce?

Marital property shall be distributed equitably by North Carolina courts.  The Court shall consider the following in making an equitable distrubtion of property: (1) The income, property, and liabilities of each party at the time the division of property is to become effective. (2)  Any obligation for support arising out of a prior marriage. (3)  The duration of the marriage and the age and physical and mental health of both parties. (4)  The need of a parent with custody of a child or children of the marriage to occupy or own the marital residence and to use or own its household effects. (5)   The expectation of pension, retirement, or other deferred compensation rights that are not marital property. (6)        Any equitable claim to, interest in, or direct or indirect contribution made to the acquisition of such marital property by the party not having title, including joint efforts or expenditures and contributions and services, or lack thereof, as a spouse, parent, wage earner or homemaker. (7)  Any direct or indirect contribution made by one spouse to help educate or develop the career potential of the other spouse. (8)   Any direct contribution to an increase in value of separate property which occurs during the course of the marriage. (9)  The liquid or nonliquid character of all marital property and divisible property. (10)      The difficulty of evaluating any component asset or any interest in a business, corporation or profession, and the economic desirability of retaining such asset or interest, intact and free from any claim or interference by the other party. (11)      The tax consequences to each party. (12) Acts of either party to maintain, preserve, develop, or expand; or to waste, neglect, devalue or convert the marital property or divisible property, or both, during the period after separation of the parties and before the time of distribution. (13)  any order may for the distribution of property if one spouse dies during the course of the divorce proceedings. (12)      Any other factor which the court finds to be just and proper. (North Carolina General Statutes Chapter 50 Divorce and Alimony Section 20)