While the main objective of a divorce is for two spouses to legally dissolve their union, there are several other components that must be dealt with. A crucial aspect of a divorce is identifying, valuing, and fairly distributing all the assets that a couple purchased while married. Splitting assets in a divorce can become very contentious as couples will often disagree with each other on who gets to keep what. This is also known as property division, and it can be a complicated process.
Equitable Distribution
North Carolina is an equitable distribution state. This means a court will divide the marital property between spouses in a manner they consider fair and just for each party. Sometimes this presumes each spouse will receive approximately half of the marital property, but depending on certain factors, the court may decide to split assets differently.
Under the laws of North Carolina, there are two types of property that are considered during a divorce.
Separate Property – This property involves anything either spouse owned prior to their marriage. It could also be property obtained during the marriage by a spouse through a third party gift or inheritance.
Marital Property – This includes property the couple currently owns and was obtained by both spouses throughout their marriage. It also includes debts created during the marriage. When one spouse gives another spouse a gift during the marriage, it can be considered marital property. This is not the case if, at the time of the exchange of the gift, the spouse tells the recipient they consider it to be separate property.
Property Division Factors
There are several different factors that are considered when it comes to dividing property in a divorce. These factors can include:
The needs of the spouse who has been given custody of a couple's children. This includes the need to own or occupy the marital residence as well as the use of the household effects and more.
The income, liabilities as well as the property of each party when the property division becomes effective.
The contributions, whether indirect or direct, made by a spouse to help the other spouse with career development as well as getting an education.
Direct contributions to separate property that increases its value during the time the couple is married.
The length of the marriage as well as the mental and physical health of both spouses.
The liquid as well as non-liquid properties of a couple's divisible as well as marital property.
Retirement, pension expectation or other forms of deferred compensation rights that are deemed to be marital property.
Any type of obligation for support from a previous marriage.
Challenges associated with evaluating any business interest or a competent asset.
Any valid claim or interest including the indirect or direct contribution made to a particular asset.
Based on all the above factors and any other relevant considerations, a judge will determine a division of property that is fair for each party.
Speak to an Experienced Divorce Lawyer
It's important to realize every divorce situation is different, making it hard to determine exactly how your property will be distributed. If you are planning on or are currently going through a divorce, a Charlotte divorce attorney can help you fight for your fair share of the property. Anyone who wants to know what assets they can expect to get from their divorce should speak with an experienced attorney from Rech Law, P.C. We will be able to analyze your marital situation and roughly determine how the assets of your marriage could be distributed according to the law.
Call (704) 659-0007 now to set up an initial consultation with Rech Law!