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Charlotte Property Division Lawyers

Protecting Your Financial Interests During a Divorce

When going through a divorce, one of the most important aspects to consider is the division of property. At Blood Law, our Charlotte asset division attorneys understand that property division can have a significant impact on your financial future. We are dedicated to protecting your interests and ensuring a fair distribution of assets during a divorce.

Our team will work closely with you to:

  • Evaluate the value of all marital assets: We will conduct a thorough analysis of your assets, including real estate, investments, retirement accounts, and personal property, to determine their worth.
  • Assess separate property claims: In some cases, certain assets may be considered separate property and not subject to division. We will carefully review your situation to identify any separate property claims.
  • Negotiate a fair settlement: We will advocate for your rights and negotiate a settlement that takes into account your financial needs and goals.
  • Handle complex property division: If you have high-value assets, business interests, or complex financial holdings, our attorneys have the knowledge and expertise to navigate the complexities of property division.
  • Advocate for your rights in court: If a fair settlement cannot be reached through negotiation, our lawyers are prepared to advocate for your rights in court. We will present a strong case on your behalf and fight for a favorable outcome.

By working with Blood Law, PLLC, you can have peace of mind knowing that your financial interests are being protected during the property division process.

Concerned with how your property will be divided during your divorce? Contact us online or at (704) 286-0570 to speak with a property division lawyer in Charlotte.

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 property and separate assets.

Separate 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. 

Marital Property

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

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:

  • One of the spouses mutually agrees to leave the place of residence, especially if it's in the best interests of their children.
  • 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.
  • 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 online or call us directly at (704) 286-0570 to learn more about our property and debt division services in North Carolina.

Frequently Asked Questions About Property and Debt Division in North Carolina Divorces

Can a prenuptial agreement affect property division?

Yes, a prenuptial agreement can significantly impact property division in North Carolina divorces. If a valid prenuptial agreement exists, it will outline the distribution of assets and debts in advance and can supersede North Carolina's equitable distribution laws. It's essential, however, that the agreement was entered into voluntarily by both parties, with full disclosure of assets, and without coercion to be enforceable.

What if my spouse is hiding assets?

If you suspect your spouse is hiding assets during the divorce proceedings, you may need to involve a forensic accountant or financial expert to conduct a thorough investigation. North Carolina courts do not tolerate asset concealment, and if discovered, it can result in penalties, including being awarded a larger portion of the marital assets.

What role does a spouse's misconduct play in property division?

While North Carolina follows equitable distribution, which generally does not consider marital misconduct, it may become relevant in cases where one spouse's misconduct financially impacts marital assets or liabilities. For instance, if one spouse squandered marital funds on an extramarital affair or gambled significant sums, the judge might factor this into the division of property to compensate the aggrieved spouse.

How long does a property division case take in North Carolina?

The duration of a property division case in North Carolina can vary significantly based on several factors, including the complexity of the assets involved, the willingness of both parties to negotiate, and the court's schedule. On average, resolving property division can take several months to over a year. Cases involving substantial assets or disputes are more likely to take longer, especially if they go to trial.

Can we modify a property division order after the divorce is finalized?

In North Carolina, once a property division order has been finalized, it is generally difficult to modify. However, in rare cases where significant errors were made or unreported assets are discovered, the court may consider revisiting the decision. It's crucial to provide substantial evidence for why the modification is necessary and seek legal guidance to understand the possibilities.

Are inheritance and gifts considered separate property in North Carolina divorces?

Yes, inheritances and gifts that are given to one spouse during the marriage are typically deemed separate property in North Carolina. These items are generally not subject to division and remain with the recipient spouse, provided they have not been commingled with marital assets. Documentation and clear records of such assets are essential for maintaining their separate status.

How are retirement accounts divided in a North Carolina divorce?

In North Carolina, retirement accounts accumulated during the marriage are treated as marital property and subject to equitable distribution. This includes pensions, 401(k)s, and IRAs. A Qualified Domestic Relations Order (QDRO) may be necessary to divide these accounts and ensure each party receives their fair share without incurring penalties.

Does North Carolina allow for mediation in property division disputes?

Yes, North Carolina encourages mediation as a means of resolving property division disputes amicably and efficiently. Mediation allows both parties to discuss their concerns with the help of a neutral third party, often leading to a resolution without the need for a court trial. This approach can save time, reduce stress, and foster cooperative decision-making.

What happens to credit card debt in a North Carolina divorce?

In North Carolina, credit card debt incurred during the marriage is typically treated as marital debt and is subject to equitable distribution between both parties. This means any debt accrued for mutual benefit will be divided fairly, though not necessarily equally. If the debt was incurred post-separation or for personal pursuits rather than marital purposes, it may be classified as separate debt and remain the responsibility of the spouse who incurred it.

Can student loans be divided in a divorce?

Generally, student loans incurred before the marriage in North Carolina are considered separate debt, while loans taken out during the marriage can be categorized as marital debt if they were for the benefit of both spouses. When this debt is perceived as benefiting only one party, such as those taken for one spouse's education or career advancement without expectation of benefit to the other, they may be classified as a separate liability for the individual who obtained them. Each case depends on its specific circumstances.

How is military retirement pay handled in a North Carolina divorce?

Military retirement pay is considered marital property in North Carolina to the extent that it was earned during the marriage and before the date of separation. It is subject to equitable distribution just like any other retirement benefit. The Uniformed Services Former Spouses' Protection Act (USFSPA) allows North Carolina courts to treat military retirement pay as divisible property, but the allocation must comply with federal guidelines, requiring careful consideration.

How do I ensure a fair division of property if my spouse and I disagree on asset valuations?

In situations where there is disagreement over asset valuations in a North Carolina divorce, it is often beneficial to employ neutral, qualified appraisers or financial experts, who can provide an objective assessment of asset values. These professionals can help present accurate valuations for real estate, businesses, retirement accounts, and other significant assets. Clear, accurate valuations can prevent disputes and assist in achieving a fair division of property.

How can a Charlotte property division attorney help?

A Charlotte property division attorney can provide valuable guidance and representation throughout the divorce process. They can help you evaluate marital vs. separate assets, negotiate settlements, and protect your rights in court to ensure a fair distribution of property and debts. An attorney's expertise can also simplify complex property divisions involving business interests or high-value assets.

For further assistance with property and debt division during your divorce, contact Blood Law, PLLC at (704) 286-0570 to discuss your case with an experienced Charlotte property division attorney.

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  • Convenient Locations

    With 7 offices across North Carolina & South Carolina, we make it easier for families to find quality legal counsel.

  • Children Come First
    With the complexities of family law, we put the well-being and safety of your children at the forefront of your case.
  • Team-Driven Environment
    When you work with Blood Law, PLLC, you work with our entire team. Everyone is here to support you through each step.
  • Honest Guidance
    We create personalized plans for each client while setting realistic expectations on the possible outcomes of the case.

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