Property Division Lawyer in Huntersville
Equitable Distribution of Property in a Divorce
In equitable distribution states, such as North Carolina, assets acquired and liabilities incurred during the marriage, individually by one spouse or jointly by both, are considered marital property and are subject to equitable distribution. This means that if the court decides on property division terms during a divorce, assets and debts are divided according to what the judge thinks is fair, though this is not necessarily an even split.
As a Huntersville property division attorney with over a decade of experience and board certification as a family law specialist, I have the necessary knowledge and familiarity with North Carolina’s equitable distribution laws to guide you toward an appropriate result through settlement or at trial. My goal will be to fully protect your assets and interests.
Meticulous Preparation Counts in Property Division Matters
As an experienced family law attorney, I can explain which assets will be classified as marital property and which items are separate from the marital estate and not subject to equitable distribution. Separate property can include gifts and inheritances left to one spouse as well as assets acquired prior to the marriage. I also have the skill to trace the commingling of separate assets with marital assets, prevent unfair distribution, and ensure that nothing is overlooked, including investment accounts, retirement benefits, marital homes, automobiles, and shares of businesses.
State law lists a dozen factors that a court must review if spouses can’t reach an agreement on property allocation, including:
- Income and assets of each party: Based on the income, benefits, and earning potential of each side, a 50-50 division of assets might not be fair. My firm conducts a thorough review and brings in valuation experts when necessary so that the court has the proper information in dividing assets.
- Duration of marriage: Spouses who have been out of the workforce for more than a decade likely face a tougher time supporting themselves than those who stayed home during a brief marriage. This can be a key consideration in equitable distribution cases.
- Need to stay at home for childcare: If one parent is to be awarded primary physical custody, it might benefit everyone if they remain in the marital home with their child. Fairness might then require other assets to be given to the noncustodial parent.
- Contributions to education and career: Husbands and wives make significant sacrifices to help improve one another’s earning ability. When one spouse takes care of the household and children or supports their partner’s professional education, they could be awarded more in an equitable distribution order to recognize their contribution.
No part of a divorce is enjoyable, but with skillful guidance, you can achieve a fair property division while avoiding unnecessary conflicts and costs.
What Is Considered Marital Property in North Carolina?
Marital property is property that was acquired during a marriage and is owned on the date of separation, unless the court deems it to be separate property. Any inheritance or gifts from a third party are not considered marital property. Additionally, any property that was acquired with separate property funds is not considered marital property.
Is North Carolina an Alimony State?
North Carolina, like most other states, is an alimony state. When a couple divorces, the court can award one spouse alimony. The court will consider a variety of factors when determining if alimony is appropriate, how much alimony to award, and the duration of the alimony payments.
Acting as Advisor to Tailor Non-Adversarial Property Division Solutions
I strive to convert stressful and contentious property division matters into positive resolutions. My experience as a property division attorney in Huntersville has equipped me to handle negotiation and mediation when appropriate, affording you greater control over the outcome. But even if you and your ex-spouse are unable to initially agree on an equitable marital division, I work diligently to reach consensus by providing a detailed analysis of how a court might decide disputed issues.
To find out more about property division and your divorce, contact my office!
We are dedicated to protecting your rights and the rights of your family, and we pride ourselves on creating long-lasting relationships with each of our clients.
While we have numerous clients, our firm will always treat you as a priority. Family law is personal, and you’re not just a case number. We provide the individualized attention you deserve.
We are incredibly attentive and will answer you whenever you need us. No problem is too small.