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Property Division
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With so many “wants”, it can be difficult to spend only on “needs” and to be diligent about putting money aside as part of a retirement investment plan. Now consider how divorce may affect that investment plan? Suddenly you may have only half of what you’ve saved.
For over two decades, claims for the identification, classification, valuation and equitable distribution of property have become the most complex financial issues that have to be addressed when people separate. And thus, Equitable Distribution has become one of the most challenging areas in family law today.
Equitable Distribution is the process by which the Court identifies, classifies, values and distributes property among two people who are or have been married.
If you and your spouse are able to agree about the division of your property, then your arrangement will be documented with a separation agreement. If you are unable to agree, it will be necessary for you to go to court.
Upon application of a party, the Court shall determine what is the marital property and shall provide for an equitable distribution of the marital property between the parties in accordance with the provisions of this section.
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The following are allowable fault grounds for divorce in North Carolina: abandonment of the family, maliciously turning the other out of doors, cruel or barbarous treatment that endangers the life of the other, indignities which render the other spouse's condition intolerable and life burdensome, excessive use of alcohol or drugs, or adultery.
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