Protecting Your Financial Future in Divorce
If you are going through a divorce, one of your primary concerns may be how you and your spouse’s assets and liabilities will be divided. States laws dictate the process by which assets are divided during divorce. Unless spouses work out an alternate arrangement, North Carolina courts divide assets according to the principle of equitable distribution. Through equitable distribution, assets are split 50/50 between spouses unless the judge considers a 50/50 split to be inequitable.
At Greenwood Law Firm, our team of knowledgeable divorce attorneys have extensive experience handling equitable distribution in divorce cases. We will work with you to collect all necessary documentation, including financial records and appraisals of property values. Once we have a complete picture of your assets, we will begin negotiations with the other spouse’s attorney to reach a fair division of assets. If collaborative divorce is not an option, we are prepared to litigate the case in court and fight for a fair ruling for you and your family.
A 50/50 Split Isn’t Always Equitable
North Carolina is an equitable distribution state, which means that the law presumes that an equitable distribution of property is an equal distribution of property, 50/50 split of all marital and divisible assets. Marital assets include any property, assets, and debts that were acquired during the marriage, regardless of who holds title to the asset. This can include real estate, bank accounts, business interests, intellectual property, pension plans, and other personal property.
While a 50/50 split of marital property is the goal, the court will consider several factors to determine whether or not a 50/50 split is equitable and, if not, how the property should be divided.
Factors that the court may consider when determining equitable distribution include:
- The income and earning potential of each spouse
- The length of the marriage
- The age and health of each spouse
- The contributions made by each spouse to the acquisition of marital property
- The amount and type of marital property involved
- The needs of any children involved
Based on these factors, the court may decide to deviate from a 50/50 split in order to achieve a more equitable division of property. For example, if one spouse earns significantly less than the other and has limited earning potential, the court may choose to award them a larger share of the marital property in order to provide for their future financial needs.
What Property is Divided in Divorce?
It’s important to note that only marital property is subject to equitable distribution. Separate property, such as property owned before the marriage or acquired through inheritance, is not subject to division. Our team of experienced divorce attorneys will work with you to determine what property is eligible for division and help you negotiate a fair and reasonable settlement with your ex-spouse.
Protect Your Marital Assets: Contact the Best North Carolina Divorce Attorney
Marital property division and equitable distribution can be a challenging process, but with the guidance of an experienced divorce attorney, you can be sure that your rights will be protected. Our team at Greenwood Law Firm has decades of experience handling divorce and property division cases, and we’re here to help you through this difficult time.
No matter what stage of the divorce process you are in, we can help you protect your interests and ensure that your assets are fairly divided. If you have questions about equitable distribution or any other aspect of the divorce process in North Carolina, please contact our Winston-Salem divorce attorneys by phone at 336-398-3072 or contact us online. A consult fee is charged for family law and immigration law matters.