Amends GS 29-30, which allows for a surviving spouse to elect to take a life estate in one third of the value the decedent's real estate instead of the surviving spouse's intestate share or elective share. Adds to the circumstances in which a surviving spouse is not entitled to take a life estate instances in which the surviving spouse has conveyed their interest in the real estate to the other spouse and has expressly waived or released their right to take a life estate in the real estate in the conveying instrument. Makes technical and clarifying changes.

Amends GS 39-13.3 regarding real property conveyances between spouses. Adds provisions to specify that a conveyance from one spouse to another of real property or any interest therein does not waive or release the grantor's right to an elective life estate or a right or claim to an equitable distribution with respect to the conveyed property. Allows for express waiver of the right to an elective life estate in the conveying instrument (applicable to conveyances executed before, on, or after October 1, 2023) but does not allow for waiver of a right or claim to equitable distribution in the instrument. Repeals subsection (e), which deems conveyances under the statute subject to GS 52-10 (governing contracts between spouses) and GS 52-10.1 (governing separation agreements), and providing that acknowledgment by the spouse of the grantor is not necessary. 

Amends GS 41-63 regarding events terminating a tenancy by the entirety other than death, of which the conveyance from one spouse to the other of their interest is included as a terminating event. Eliminates the provisions which deems such conveyances subject to GS 52-10 (governing contracts between spouses) and GS 52-10.1 (governing separation agreements), and providing that acknowledgment by the spouse of the grantor is not necessary. Instead, adds new provisions similar to those enacted to GS 39-13.3, to specify that a conveyance does not waive or release the grantor's right to an elective life estate or a right or claim to an equitable distribution with respect to the conveyed property. Allows for express waiver of the right to an elective life estate in the conveying instrument (applicable to conveyances executed before, on, or after October 1, 2023), but does not allow for waiver of a right or claim to equitable distribution in the instrument. Makes technical changes.

Makes organizational changes to GS 50-20 relating to equitable distribution of marital property. Makes technical and clarifying changes, corrects statutory cross-references, and revises the statute as follows. Modifies the definitions of: 

• distributive award to more specifically exclude from the term payments for support or maintenance of a spouse or child (was, payments for support and maintenance that are treated as ordinary income to the recipient under the Internal Revenue Code) and
• marital property to clarify that the term includes all vested and nonvested pension and retirement rights and benefits and all vested and nonvested deferred compensation rights and benefits.

Revises the definition of separate property to deem real property acquired by gift from the other spouse as separate property only if that intent is stated in a separate written agreement from the conveyance, while any other property acquired by gift from the other spouse is considered separate property if that intent is stated in writing (previously, generally required intent in the conveyance for any property). Explicitly specifies that the act of conveying property from one spouse to the other does not in itself state intent that the property is to be considered separate property. Additionally specifies that property acquired in exchange for separate property remains separate property absent express intent for the property to be considered marital property in writing (was, in the conveyance), adding that the act of acquiring the property does not in itself state this intent. Regarding written agreements for the distribution of marital property or divisible property, bars providing for distribution in an instrument of conveyance of real property. 

Effective October 1, 2023.