Dividing your assets is arguably one of the most difficult aspects of any divorce. Especially if you and your partner do not agree on how to divide your house, car, savings, and more, the courts may step in and determine how your assets should be divided.
Asset Division in North Carolina
Community Property vs. Equitable Distribution
All 50 states abide by either community property division or equitable division of assets in regards to a divorce. Community property states believe marital property belongs to both spouses equally, regardless of who originally bought the asset. Whereas equitable distribution states allow the courts to divide marital assets equitably.
North Carolina is an equitable distribution state.
It’s important to remember that equitable distribution does not mean a perfect 50/50 split of all assets. Rather, courts will try to divide assets by what is fair and just.
Before dividing assets, courts will first determine what each asset falls under — marital, divisible, or separate property.
- Marital property: Property acquired by one or both spouses during the marriage or before the date of separation. The property must also be currently owned.
- Divisible property: This generally includes value changes in marital debt or marital assets occurring post-separation. It also includes significant increases and decreases in marital debt or new charges.
- Separate property: This includes property owned/acquired before the marriage, property acquired as a gift, and property acquired in exchange for separate property.
Because every case is unique, it’s also possible for some assets and properties to fall into multiple categories, making it that much more important to have a trusted team of lawyers fighting for your rights.
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 experienced attorneys 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 Charlotte divorce lawyers online or give us a call at (704) 286-0570.