Answers To Your Frequently Asked Property Division Questions
Below, we provide answers to frequently asked questions about the property division process. If you have any other questions, or want to discuss your divorce in more detail, call our Winston-Salem office at 336-661-8788. You may also contact us online. There is a $200 fee for all family law initial consultations.
What method is used by North Carolina to divide marital assets?
North Carolina uses the method of equitable distribution to divide marital assets. This method relies on what is fair rather than what is equal in regards to asset distribution.
Does equitable distribution mean the courts will always divide marital assets in a 50/50 split?
Absent certain factors, an “equitable distribution” will presume an even division of assets and debts between the two spouses. This presumption may be rebutted if these certain factors are present.
What factors can rebut the presumption of an even, 50/50 split in an equitable distribution proceeding?
Despite a presumption of an even split of assets during equitable distribution, there are a number of factors courts will consider that may rebut a presumption of an even split. Those factors include, but are not limited to:
- Earning potential of each spouse
- Tax consequences of dividing a certain asset
- Length of marriage
- Property brought individually into the marriage
- The responsibilities of each parent in regards to raising any children
Can spousal agreements avoid equitable distribution?
Past separation agreements may bar the ability for spouses to file for equitable distribution. If the parties properly executed a property settlement agreement, or a premarital agreement, and that agreement bars or waives equitable distribution, then equitable distribution will be unavailable. Thus, it is important to consult with an attorney before signing any such document that may forfeit your rights to an equitable distribution of your property.