- 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 regard to raising any children
- Winston-Salem, North Carolina
Greenwood Law is an experienced family law firm that has guided many clients through the property division process and helped them emerge with their finances intact. Our attorneys can help you if you live in the Winston-Salem area and wish to protect your property and assets in your upcoming divorce.
North Carolina courts divide marital property according to a process called equitable distribution. This means that the court must divide marital property between spouses in an equitable fashion.
Equitable distribution does not necessarily mean that your marital assets will be divided 50-50. Rather, the court will make its ruling based on several factors, including you and your spouse’s income and the length of your marriage. You stand to lose a lot in the equitable distribution process, but working with an attorney can go a long way to ensure that you receive a fair property distribution order.
Every divorce is different, as is every property distribution order. Our lawyers will work with you to develop a strategy to obtain the arrangement that you need. This may involve amicable private negotiations or it may involve aggressively representing you in court. Whatever your particular circumstances, we will strive to reach a beneficial resolution.
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.
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:
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.
In a North Carolina divorce, each spouse is entitled to an equitable distribution of marital property. This means the court divides all property and assets acquired during the marriage fairly, but not always equally, between the spouses.
Each spouse keeps their separate property, which includes assets they owned before marriage or received as a gift or inheritance during the marriage. Marital property includes all the assets and debts either spouse acquired during the marriage up to the date of separation, excluding separate property. Crucially, property that may have been separate at the time of marriage can become marital property if it becomes commingled. For example, if one spouse came into the marriage with a savings account that the other spouse subsequently had access to, that account and the money in it would likely be considered marital property.
The court first identifies which assets are marital property and which are separate. Then, it considers various factors to decide how to divide the marital property. These factors include each spouse’s earnings, debts, and future needs. The court also looks at how long the marriage lasted and the role each spouse played in the marriage, such as who managed the finances or took care of the home.
The goal of equitable division is to ensure both spouses leave the marriage on fair and stable economic grounds. This system aims to make the financial outcome of the divorce as balanced and just as possible for both parties involved.
The divorce lawyers at Greenwood Law are here to help when you need legal counsel regarding property distribution. Call our Winston-Salem location at 336-661-8788 or contact our firm online. Se habla español. A consult fee is charged for family law. And, a consult fee is charged for immigration law.