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Inheritance and Division of Marital Property

In Separation & Divorce by Sarah Hink

When a married couple separates and divorces in North Carolina, the law calls for the court to divide the couple’s marital property in an “equitable” manner. On the other hand, each partner’s separate property stays with them and is not subject to equitable distribution. This makes the classification of a couple’s property as marital or separate a complex and hard-fought source of litigation when a marriage ends. Essentially, the partner with more money or resources will generally fight to hold on to their money, while the partner with less will seek more. For some people, inheritance signifies a great source of personal wealth. This is why if a spouse inherited property during a marriage, a natural question becomes: is the inheritance separate or marital property? Inheritance is Generally Separate Property …

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What Constitutes Separate Property?

In Separation & Divorce by Sarah Hink

In North Carolina divorce proceedings, one of hardest fought battles is over the classification of property. Both sides want their piece of the pie. Unfortunately, answering this question can be a complex one even for the most experienced attorney. The reason for this is that North Carolina law puts property into two categories at the time of a couple’s separation: “marital property” and “separate property”. Why is this an important distinction? Because a court can only consider and divide a couple’s marital property in a divorce, while separate property remains with its original owner. What is Marital Property? The North Carolina General Statutes defines marital property as “all real and personal property acquired by either spouse or both spouses during the course of the marriage and before the date of …