When a couple decides to divorce, they must untangle their lives together and figure out what to do with their shared assets. This can be a difficult and emotional process, made even more complicated if the couple owns a home. In North Carolina, the process of property division during a divorce is governed by state laws.
How Property Division Works
The first step in property division is to determine what is considered marital property and what is considered separate property. Marital property is any property acquired during the marriage, regardless of whose name is on the title. This includes the family home, cars, furniture, and other belongings. Separate property is any property that was acquired before the marriage or after the date of separation. This can include inheritances, gifts, and items purchased with separate funds.
Once the couple has determined what is considered marital and separate property, the real process of property division starts, where they must divide the assets between them. This can be done through negotiation, mediation, or arbitration. If the couple is unable to agree on their own, the court will decide for them.
In North Carolina, the court will divide the marital property equitably, which means fairly. This does not necessarily mean that the property will be split evenly, but rather that the court will take into consideration several factors when making its decision. These factors can include the length of the marriage, the financial needs of each spouse, and the contribution of each spouse to the marriage.
The court will also consider any child custody arrangements when dividing marital property. If one spouse is awarded primary custody of the children, the court may give that spouse the family home. The court may also award one spouse a larger share of the marital property if that spouse has a lower income than the other.
Divorcing couples in North Carolina must also consider how to divide their debts. Like marital property, the court will divide the couple’s debts equitably. This means that the court will consider the same factors as it does when dividing property. The court may also consider which spouse is responsible for incurring the debt.
Dividing property and debts can be a complex and frustrating process, made even more so by the emotions involved. Couples in North Carolina who are going through a divorce should consider seeking the advice of an experienced attorney to help them navigate the process.
The Role of an Attorney
Here’s how a competent attorney can help you with property division during a divorce in North Carolina:
- Understand the North Carolina divorce process. Every state has its divorce laws, so it’s important to have an attorney who is familiar with North Carolina’s divorce process. Your attorney can explain the steps involved in filing for divorce and help you understand what to expect.
- Help you determine what is marital property. In North Carolina, all property acquired during the marriage is considered marital property, regardless of who purchased it. This includes homes, cars, furniture, and even retirement accounts.
Your attorney can help you identify which assets are considered marital property and how they will be divided in the divorce.
- Determine the value of the marital property. Once you know which assets are considered marital property, your attorney can help you determine their value. This is important because the value of your assets will determine how they are divided in the divorce.
- Negotiate a fair property settlement. Once you and your spouse have agreed on which assets are marital property, your attorney can help you negotiate a fair property settlement. This settlement will determine how your assets are divided between you and your spouse.
- Draft a property settlement agreement. If you and your spouse can reach a property settlement agreement, your attorney can draft the agreement and make sure it is legally binding.
- Litigate the property division in court. If you and your spouse are unable to reach a property settlement agreement, your attorney can represent you in court and advocate for a fair property division.
The Experienced Legal Help You Need
When it comes to property division during a divorce, it is important to have an experienced law firm on your side. The GPS Law Group has successfully represented clients in Charlotte, Gastonia, Concord, Huntersville, and other North Carolina communities. We have the experience and knowledge to help you through this difficult time.
Our attorneys understand that property division can be a complex and emotional process. We will work with you to ensure that your rights are protected and that you receive a fair and equitable division of property. We will also work to help you resolve any disputes that may arise.
If you are facing a divorce and need assistance with property division, we encourage you to call us at (704) 549-1950 or use our online contact form to send a message and set up a consultation. We will provide you with the experienced and compassionate representation you need.