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Divorce can cause a tremendous emotional strain on your life. On top of everything, you’ll need to consider how to split your assets with your spouse.
This is known as property division, and it is often one of the most difficult aspects of divorce. During this process, spouses will have to determine which assets of their assets are considered marital or separate.
Equitable Distribution
The state of North Carolina is an equitable state, which means the aim of the court is to divide assets fairly. This does not amount to an equal division of assets and property. Divorce court judges take a range of factors into account when they decide how marital property is to be divided.
Marital Property
In North Carolina, marital property is defined as all assets, including pensions, retirement benefits, and other deferred payments that have been accumulated during the marriage. They are all subject to division.
Marital property also includes investments made and property acquired before the marriage that increased substantially after the marriage. It is important to note that debts are treated just like property and can be divided between the two of you.
Separate Property
This category of property includes all items and valuables that you owned before you married. It also includes items that you were given during the marriage that was clearly intended for you. Such things may include gifts or even an inheritance.
Factors Considered in the Division of Property
The court will consider a range of factors when determining how the estate should be divided. Your respective ages, health, and ability to work will all be looked at. The property itself will also come into play and how each of you contributed to enhancing or depleting it.
If you supported your spouse by being a homemaker, it could count the same as monetary-based work. You will also have a good chance of retaining the primary family residence if you are given primary custody of the kids.
Hiring a Lawyer is Important
You will need a lawyer to represent your interests during these proceedings. A Charlotte divorce lawyer will be especially useful in ensuring that all assets are accounted for so that the court can divide them fairly. At Rech Law, we will work with you to protect your separate assets and help secure you the best possible outcome.
Call Rech Law today at (704) 659-0007 to speak with our family law attorneys.