If there’s one thing that can add more stress to an already difficult situation, it’s determining how property, assets, and savings will be divided after your divorce. When it does come time to divide your property and assets, you may be surprised to learn that things are rarely “split down the middle.”
Dividing Property and Assets After a Divorce
Who Decides How Property is Split?
If you and your ex are on good terms and are able to come to an agreement regarding your property, it’s likely that you won’t have to get the courts involved. If you both come to an agreement, through a process like mediation, you’ll have more control over who gets what.
However, if you and your former spouse only agree on certain matters or none at all, then it will be up to the court to divide your assets fairly — this is known as equitable distribution.
Understanding Marital, Divisible, and Separate Property
Depending on when and how the property was acquired, it may not be subject to distribution.
- Marital property: Property that a married couple acquired during their marriage.
- Divisible property: Divisible property is marital property that underwent any diminution or appreciation in value.
- Separate property: Property that you owned before getting married. It can also include property you acquired while married, but was given as a gift to you individually or inherited.
If you’re getting a divorce, all marital and divisible property will be divided between you and your spouse.
Fairly Doesn’t Always Mean Equally
North Carolina requires property and assets to be split “equitably,” but that doesn’t mean an exact 50/50 split. The court will consider several factors when deciding what “fair” means, including:
- How long the marriage lasted and the age of both parties.
- Which parent has custody of the children, as well as the needs of the children.
- Direct or indirect contributions made by one spouse to help the other further his or her career, education, etc.
- If one party purposely tried to waste, neglect, or devalue, divisible property.
At Blood Law, PLLC, we believe in helping our clients achieve their goals, no matter how complex their divorce or other family law issue. Our lawyers provide tailored legal services with a unique, team-based approach to do our best to achieve these results.
To learn more about our legal services, contact our lawyers online or give us a call at (704) 286-0570.