Charlotte Property & Debt Division Lawyers
Legal Counsel for Residents of Waxhaw
Prior to filing for a divorce, it is important to understand how the laws in your state pertain to the division of property and debt. Our lawyers are passionate about fighting for our clients to seek a favorable outcome.
While it is always encouraged for both parties involved in a divorce to try and reach an agreeable outcome, we understand that this is not always possible. In the event both parties are unable to agree on all matters related to property and debt division, a judge will intervene and divide the assets according to state law.
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
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 attorney to help protect your rights and provide you with guidance.
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.
When you work with Blood Law, PLLC, you work with our entire team. Everyone is here to support you through each step.
We create personalized plans for each client while setting realistic expectations on the possible outcomes of the case.
From our first phone call to final signing, our team goes above and beyond to make sure you're getting the attention you deserve.
“Anna guided me through the entire process and answered all of my questions and concerns quickly.”- Debra K.
“Anna is very knowledgeable of the law as well as the local courts and judges.”- Penny N.
“I’m extremely grateful for Anna's help in my time of need.”- Olivia L.