Marital Property Division
Parties’ division of their marital property in North Carolina is also known as equitable distribution.
The process can be confusing and emotional for many spouses. No one walks into a marriage with the idea that one day they may be forced to divide their marital assets and debts.
Dividing up martial property including real estate, financial investments, pensions, and military retirements can be a tedious and difficult process.
The process follows specific rules and formulas set out by the court system. We would be glad to explain this process to you and assist you in transitioning through the equitable distribution of your marital property.
Frequently Asked Questions About Marital Property Division
I pulled a Separation Agreement off the internet. That will be good enough, right? Why should I get an attorney?
A property settlement agreement is a contract. An understanding of contract law is not something we learn in our K-12 education.
Do you understand what you may be obligating yourself to in your internet agreement? Have you agreed to do WAY more or accept WAY less than a court would require of you? Do you realize that if you decide the terms of your contract are unfavorable or burdensome a year from now, you may still be obligated to perform what you agreed to do when you signed your internet contract?
Taking an agreement off the internet and trying to make it fit your situation is like trying to wear your next-door neighbor’s shoes. They might be nice shoes, but are they going to fit or will they cause you blisters in the long run? Let us discuss and review any property settlement agreement before you decide to sign it.
I owned the house we live in prior to marriage; so that means I get the house in the divorce, correct?
Maybe. Marital property includes all property acquired from the date of marriage until the date of separation, with some exceptions. So, even though you may have purchased the home where you reside as spouses prior to the date you got married, the court has the ability to look at a number of factors to determine how your marital debts and assets should be divided.
I just received a draft of a Separation Agreement in the mail. Should I sign it?
A Separation Agreement is one way spouses can decide how they wish to separate and deal with their assets and debts. When spouses are able to agree, a Separation Agreement can be an effective tool. When the parties cannot agree, the determination of how the spouses’ assets and debts are divided falls to the court. The division of martial property or equitable division through the court system is a long, arduous, and costly process, but sometimes it cannot be avoided. Let us assist you in determining the best way for you to proceed.