Your Personal Bank Account is not Your Personal Bank Account

In North Carolina, the division of assets during a divorce is governed by the statute of equitable distribution (N.C. Gen. Stat. § 50-20). While the objective is a fair allocation of assets and debts, a pervasive misconception often obscures the process: the belief that legal ownership (whose name is on the deed, title, or account) dictates whether an asset is marital or separate.