Marital Property - NC
All real or personal property that is presently owned and acquired by either spouse during the marriage, but before separation is presumed marital property, unless it can be statutorily defined as separate property. The date of separation is used to determine the classification of the property.
In order for property to be considered presently owned a party does not have to have legal title to it. Ownership can consist of property acquired with marital funds even after separation, property in one spouses’ possession before separation which later cannot be accounted for, property in the name of a corporation, property diminished after separation, property titled in a third parties name, or a deferred tax refund if it could have been obtained during the marriage, but before separation.
In North Carolina marital property includes, but is not limited to the following:
- All vested and non-vested private retirement plans, pensions, profit-sharing, and IRA’s pertaining to the employment of either spouse during the marriage.
- Interest in professional partnerships, associations, or closely-held corporations. An interest may include the goodwill in any of the listed entities.
- Gifts intended for both parties form one spouses’ parents.
- Worker’s compensation awards for medical, lost wages or earning capacity, as well as, recovery form a personal injury lawsuit minus any award for pain and suffering.
- Stock options if a spouses’ preseparation labor has earned him/her the right to them before separation.
- Separate property placed into a tenancy by the entirety. Unless rebutted by clear and convincing evidence to the contrary.
If you are faced with a division of property as part of your separation and divorce and want to learn more about your rights regarding marital property, please contact us to schedule a confidential consultation.