North Carolina Property Settlement Agreement with Adult Children
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FAQ
In North Carolina, equitable distribution is the process of dividing assets and debts that were acquired during marriage. The theory behind equitable distribution is that marriage is a shared partnership and therefore each spouse has an equal right to the marital property.
Unless the terms of the agreement are unconscionable, or the agreement itself is a result of fraud, coercion or duress, the courts tend to accept the terms as written. Attempting to have a separation agreement overturned is difficult, but not impossible.
North Carolina law presumes that an equal (50/50) division of marital property is equitable, or fair. However, the law provides for many factors that allow for an unequal distribution of property, in situations where an equal division would not be fair.
A spouse is typically entitled to some amount of alimony or spousal support, depending on the decision of the NC divorce courts. A spouse may also be entitled to a 50/50 split of marital property if so decided by the courts.
Marital property is all property acquired or earned during the marriage up until the date of separation. Pensions, retirement benefits, and other deferred compensation rights earned during the marriage are also marital property.
In North Carolina, the courts will divide property in a way that is equitable, or fair.This is true unless the court determines that dividing the assets equally is not fair. Marital property is defined as all property acquired by either party, or both, after the date of marriage but before the date of separation.
A separation agreement is a legal document that when signed and notarized by you and your spouse can act as a legally binding contract that is separate from or survives the divorce. Such a contract is enforceable, meaning you can take legal action if your spouse does not adhere to the terms of the contract.
A separation agreement is not valid in North Carolina unless both parties have signed and their signatures are notarized.Coercion, fraud, undue influence or lack of knowledge will void the terms of a separation agreement.
The main reasons for divorce or separation agreements to be set aside include duress, coercion, unconscionability, mistake and lack of complete financial disclosure. These are mistakes that are often made when there has been no independent legal advice.