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Dividing What is Necessary to Divide
When a couple decides to get divorced in North Carolina, one of the first things they need to determine is how their marital and separate property will be divided. This blog will discuss what constitutes marital and separate property in North Carolina and provide tips on protecting your assets during a divorce.
Marital Property Defined
Under North Carolina law, marital property is defined as any property acquired by either spouse during the marriage, regardless of whether it is titled in both spouses’ names or just one spouse’s name. This includes real property (such as a home or land), personal property (such as furniture or vehicles), retirement benefits, and debt.
Separate Property Defined
Separate property is any property acquired by either spouse before the marriage, after the date of separation, or through inheritance or gift. Even if separate property is titled in both spouses’ names, it remains the separate property of the spouse who acquired it.
It is important to note that marital property can become separate if transferred to one spouse’s name after the couple has separated. For example, if the marital property is transferred to one spouse’s name as part of a divorce settlement, it becomes that spouse’s separate property.
Dividing Marital Property in Divorce
In North Carolina, marital property is divided equitably between the spouses in a divorce. This means that the property is divided in a fair but not necessarily equal way. The court will consider many factors when making an equitable division of marital property, including:
Each spouse’s earnings and earning capacity
Each spouse’s age and health
Each spouse’s education and training
The marital standard of living
The duration of the marriage
Each spouse’s contribution to the marriage (including homemaking and childrearing)
The value of each spouse’s separate property
Any marital misconduct by either spouse
The court may also consider other factors that it deems relevant to making property division determinations, such as if one spouse is spending marital funds on an affair..
Work with a Property Division Attorney
Dividing marital property can be a complex process, and working with an experienced property division attorney is essential to protect your rights and interests. An attorney can help you identify and value your marital assets, negotiate a fair settlement with your spouse, and represent you in court if necessary.
If you are going through a divorce and have concerns or questions about property division, turn to the team at Blood Law, PLLC. Our team is prepared to help you protect your best interests at all steps of your divorce.
Learn more or schedule a consultation by calling (704) 286-0570 or visiting our website.