North Carolina is an equitable distribution state regarding property division.
One of the first questions to come up when it comes to property division in a divorce here in the Charlotte, North Carolina area is whether North Carolina is a community property or equitable distribution state. Fortunately, our state is one of the majority of states that provides more options for property division as a non-community property state. What that means is that instead of a 50/50 split with no room for negotiation or fairness, at GPS Law Group, we can assist you with coming up with an equitable property division that the courts will approve.
In an equitable distribution state, property division takes into consideration several different factors, including:
- Duration of the marriage
- Physical and mental health of both parties
- Liquid and nonliquid character of the property to be divided
- Educational support provided in the marriage and resulting career potential
- Marital home for children of marriage to occupy
- Future income expectations, such as retirement, deferred compensation, and pensions
- Age of the parties
- Prior marriage support obligations
- Income and liabilities at the time of the property division
- Evaluation of interest in a business or corporation
One thing to know is that when it comes to divorce and property division, it is important to look at what is actually marital property and what is individually owned separate from the marriage. Some assets obtained even during the marriage, such as personal gifts and inheritances, are still considered separate assets. When you call on us to assist you with property division in Charlotte, North Carolina, we will sit down with you and discuss each asset involved and help you determine what is fair and equitable, as well as what will be acceptable based on North Carolina law. Call today to schedule a consultation to learn more.