Charlotte Property & Debt Division Lawyers

Understanding Property Division

It is important to understand what can be divided during the property division process. While you may want to hold onto as many assets and possessions as possible, understand that loss is part of the process. To understand what you may have to divide, you will need to know the difference between marital and separate assets and property.

If you owned any property prior to the marriage, have inherited property, or have received a gift from someone besides your spouse, those items are called separate property and will not be divided in the divorce process. If you and your spouse purchased any property, inherited any property, or bought gifts for each other while married, these are considered marital property and will be divided in the divorce process.

Divisible property includes property that was acquired after the date of separation, passive income generated by marital property, and post-separation increases in marital debt.

How a Judge Determines Property Division: Equitable Distribution

In the event you cannot agree with your spouse on matters regarding property and asset division, a judge will need to do so for you. When family court judges rule on property division issues they apply a principle of law known as equitable distribution. This requires them to divide a couple’s property in a way that is fair and equitable. This does not mean that property is always divided equally. To make these determinations, certain factors are considered, including:

• The duration of the marriage
• The liquidity of the marital property
• The age and health of each spouse
• The income, debts, and assets of each spouse (at the time of the divorce)
• The child custody arrangement
• If one spouse made financial contributions to support the other’s education or career

Debt Distribution

To claim that debt is marital, and therefore subject to being divided between both spouses, the spouse claiming marital debt must prove that the debt was:

• Acquired after marriage but before the date of separation
• Incurred for the benefit of both spouses

If you are facing a divorce or other family law matter and need assistance navigating property and debt division, it is important to have an experienced Charlotte property division attorney to help protect your rights and provide you with guidance.

Who Gets the House in a NC Divorce?

Before a North Carolina judge will determine this, he or she may evaluate whether the home is a marital asset, separate asset, or a mix of both. If the house is considered marital property, meaning the couple was married during the purchase, there are three common scenarios that could occur:

1. One of the spouses mutually agrees to leave the place of residence, especially if it's in the best interests of their children.
2. There is a mutual agreement to sell the house and split the revenue. This is a popular option if one spouse cannot buy out the other.
3. Neither spouse wishes to leave the home, resulting in possible court hearings. Often, people will resort to gaining evidence of fault against their spouse, so they can increase their chances of staying in the house. In rare occasions, filing for a protective order against a violent spouse is necessary, and can quickly force them out.

Contact us onlineor call us directly at (704) 286-0570to learn more about our property and debt division services in North Carolina.