Educating Clients About Property Division And Equitable Distribution
The value of the marital assets and the length of the marriage are both proportionate to the complexity of the property division process. In any case, it is important that you have an experienced, knowledgeable attorney at your side who can help you determine the value of your marital assets and divide them fairly.
At Miller & Audino, LLP, our Greenville, North Carolina, lawyers have more than 50 years of experience helping a variety of family law clients as they navigate the complex divorce process. Working in a highly detailed and efficient manner, we are able to help our clients understand the difference between marital and separate property.
What Is Subject To Equitable Distribution And Division?
North Carolina is an equitable distribution state. It is important to note that equitable does not mean that your property and assets will be split perfectly down the middle, but they will be divided fairly and as equally as possible. There are approximately a dozen factors that determine how your property will be split.
The types of assets and liabilities that are to be divided can include:
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The process for valuing marital assets, including the business valuation process, can be confusing not only for an individual facing a divorce, but also for an inexperienced attorney. Due to our decades of experience in family law, our clients can trust that we are leaving no stone unturned as we help them pass through this important process.
Frequently Asked Questions About Property Division
Below are answers to some common questions we receive regarding North Carolina property division and equitable distribution.
What is marital property in North Carolina?
Marital property is the assets and debts acquired by both spouses during the marriage and before separation, regardless of how the property is titled. Examples include, income earned during marriage, retirement benefits accrued during marriage, real estate purchased together, vehicles, household furnishings, bank accounts and investments accumulated during the marriage.
Even if an asset is titled in only one spouse’s name, it may still be considered marital property if it was acquired during the marriage using marital funds.
What is separate property in North Carolina?
Separate property includes assets owned by either spouse before the marriage and property acquired during the marriage by gift or inheritance specifically to one spouse. Additionally, any property purchased with separate funds or exchanged for separate property remains separate, provided it has not been commingled with marital assets.
How does the court determine the value of marital assets?
North Carolina courts make these determinations based on the assets’ fair market value on the date of separation. This may involve professional appraisals for real estate, business valuations for company interests, actuarial valuations for retirement accounts and assessments of personal property. For complex assets like businesses or professional practices, specialized financial estimation is needed to provide accurate valuations.
Who gets the house in a divorce in North Carolina?
There is no automatic rule about who receives the marital home in a North Carolina divorce. The court considers several factors, including each spouse’s financial ability to maintain the property, which parent has primary custody of any children, each spouse’s contribution to the acquisition of the home and the availability of comparable housing. Common resolutions include selling the house and dividing the proceeds, one spouse buying out the other’s interest, or one spouse retaining temporary possession until a specified event.
How is debt split in a divorce in North Carolina?
North Carolina treats marital debt similarly to marital assets – it is subject to equitable distribution. Marital debt includes financial obligations incurred during the marriage for the joint benefit of the spouses, regardless of whose name is on the account. The court considers factors such as which party incurred the debt, the purpose of the debt and each spouse’s ability to pay when allocating responsibility.
To Learn More About Dividing Assets In Divorce, Contact Us
To learn more about how our property division attorneys serving Greenville and surrounding communities can help you, email us or call us at 252-493-6138.