My spouse and I have separated and would like to legally divide our property prior to divorcing. Is this possible?

Yes.  After you and your spouse have separated, you can work out how you want to divide your property, and this agreement will be set out in a Separation Agreement that you both sign.  Your signatures on this agreement must be notarized in order for it to be valid in North Carolina.  This is a binding agreement, just like any other contract.  Alternatively, either of you can file an action (a lawsuit) for Equitable Distribution (“ED”).   If your ED action makes it to trial, the judge will classify your property and make a determination as to how to distribute it between you.  Like any lawsuit, this is an expensive process that will require you to assemble all your financial records from the date of marriage forward.  The more you can prepare in advance for your lawyer, the better your lawyer will be able to advocate on your behalf.