HUMM!!! GOOD QUESTION, THATS A QUESTION I BEEN ASKING MYSELF.
Probably because not everyone agrees on the value of things. Debt acquired during the marriage is also calculated into the equation. My husband and his ex went through a bitter divorce where she wouldn’t give him anything. All he wanted was his pickup truck (which was on its last leg) just to be able to drive to work. After the judge calculated all the personal items and the debt that his exwife created, he gave the new car to my husband and gave the broken down pickup to the ex! It was determined that she owed more than $14,000 dollars to my husband, but instead of making her pay it she lost any interest in the new car, his retirement, and his stocks. She basically got nothing. But that was 50-50 through the calculation.
NC is an equitable distribution state, which is not the same as 50/50 or equal division of assets and debts. While many settlements result in divisions that may be considered equal or 50/50, the law provides for consideration of many factors when determining how marital property (assets and debts) are to be distributed upon separation and divorce. There is a presumption that there will be an equal division, however, a spouse can seek an unequal distribution if they establish the existence of one or more of the factors listed in N.C. General Statute, 50-20(c) by a preponderance of the evidence.
So, if the spouse seeking more than one-half of the net value of the marital and divisible property meets their burden by showing the relevant factors compel the conclusion that equal is not equitable, the court may then award that spouse more than one-half of said property.
Deborah M. Throm
Rosen Law Firm
1829 E. Franklin Street, Bldg. 600
Chapel Hill, NC 27514
919.265.0017 direct
919.321.0780 main voice
www.rosen.com
Email: dthrom@rosen.com
4101 Lake Boone Trail
Suite 500
Raleigh, NC 27607
919.256.1544 direct
919.787.6668 main voice
301 McCullough Drive
Suite 510
Charlotte, NC 28262
704.644.2531 ext. 100
If NC is a 50/50 no fault state, then why am I in the middle of mediation/arbitration over property division? Shouldn’t we just split everything 50/50?