If you are going through a divorce, property division can be a complicated process. Separating assets while protecting your separate property is a tedious task made easier by the attorneys of GPS Law Group. Without a prenuptial agreement in place, these proceedings can be an emotionally draining experience. Hiring a lawyer who is knowledgeable about property division is crucial to guide you through these proceedings. The right lawyer will streamline your experience and make sure your private assets are protected. To help you find the right attorney for you, we have compiled a fact sheet breaking down the different types of property and how they are divided.
At GPS Law Group, we can schedule a consultation to learn more about your options and what to expect. Coming prepared with the right information and documents will help your lawyer become more familiar with your case.
Equitable Property Distribution
Equitable distribution gives you more options regarding division of property and other assets. Several different factors are considered during these proceedings:
- Duration of marriage
- Health and age of each person
- Financial obligations from marriages
- Current income, as well as potential future income such as pensions or retirement plans
- Liquid and nonliquid assets, including interest in a business
- Educational and other financial support provided by one party to the benefit of the other
- Child custody rulings
Unlike a 50/50 division, you have more say in how your property is divided. It may even be required to attend a mediation to come to an agreement before the agreement is presented to a judge.
Marital and Individual Property
In North Carolina, not all assets are considered shared during property division. Marital property will be split between the two parties while individually owned assets remain the property of the party who acquired it. The following types of property are considered individually owned:
- Personal gifts
- Professional license
- Assets acquired before the marriage and after separation
- Personal debts
- Separate Property
- Divisible Property
- Personal injury settlements
Marital property, on the other hand, is any property that was acquired during your marriage before separation. This does not apply to a house owned by one party who then sold it to buy the family home. Some examples of marital property are:
- Retirement benefits
- Deferred compensation rights
- All property acquired during the marriage
For your lawyer to best assist your case, bring relevant property statements to your consultation and subsequent meetings. The attorneys at GPS Law Firm will treat your case with the care and due diligence you deserve during this difficult transition to get you the best possible outcome.
Serving the residents of Charlotte, Gastonia, Concord, Huntersville, and surrounding communities in Mecklenburg County, Rowan County, Cabarrus County, Iredell County, Gaston County in North Carolina, attorneys at GPS Law Group have been helping clients since 1992. GPS Law Group has grown significantly over the years, thanks to our legal experience, commitment to our clients, and the honest and diligent way in which we handle cases.